New Street Technologies (New Street), a blockchain technology enabler, has received a $4 million follow-on round of funding. A group of private investors led by Vittal Kadapakkam in the United States, renowned Indian bankers, and existing investors such as Unitus Ventures and Mohit Davar, Chairman of the International Association of Money Transfer Networks, took part in the round (IAMTN). New Street wants to expand into the Americas, Europe, and Africa after establishing operations in India, the United Arab Emirates, and other regions of Asia.

Blockchain is to ‘processing' what the internet is to information, according to Sajeev Viswanathan, founder and CEO of New Street. New Street has taken use of blockchain's unique potential to democratise transaction processing, according to him, and has already proved its transformative influence in the BFSI (banking, financial services, and insurance) industry. “The capital raised provides for accelerated product development and access to the larger global markets,” said Viswanathan.

MiFiX, New Street's flagship blockchain-based middleware, is one of the world's first commercially successful blockchain ecosystems for the BFSI sector, according to the company. In a bank, a single MiFiX node can foster innovation across a variety of products, including trade finance, digital lending, cash management, and remittances. MiFiX, for example, has increased operating efficiency by over 500% across the value chain in microfinance processing.

These services stretch from bank to business correspondent to end borrower, all without requiring our clients to invest significant resources.

IAMTN's Mohit Davar said the company has made it simple for financial institutions, both new and old, to integrate the technology into their business models and profit from its versatility right away. Davar, who is also co-founder and non-executive director of New Street, stated, “My participation in this round is testimony to the massive global opportunity that exists for the company and my faith in the team to make it happen.”

Many Indian companies are on the front edge of technology and see the advantages of blockchain. New Street's business approach enables its clients to use cutting-edge technologies to exponentially improve their procedures and prospects with minimal disruption and financial expenditure. In India, the company is quickly gaining traction with banks, NBFCs, insurance firms, P2P lenders, Money Transfer Operators (MTOs), and banks. In addition, the business is in talks with a number of central banks to establish blockchain technology ecosystems for the BFSI sector in their respective nations.