The startup operates a blockchain-enabled fintech platform that enhances the last-mile delivery of financial services by integrating seamlessly with existing banking systems. This platform enables banks and cash outlets to efficiently originate and manage credit, expanding access to underserved market segments.
Funding
$6.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional financial institutions face challenges in efficiently extending services to underserved populations due to high operational costs, lack of infrastructure, and difficulties in assessing credit risk in these segments. This results in limited access to credit and other financial services for individuals and small businesses in remote or low-income areas.
Solution
New Street Tech offers MiFiX, a blockchain-enabled platform that connects banks, NBFCs, and other financial institutions with customers, business correspondents, and third-party partners to streamline the delivery of financial services. The platform facilitates customer origination, KYC compliance, loan underwriting, documentation, account opening, payment disbursement, and collections management. MiFiX also supports cross-border remittances with its FAR (Finance Against Remittances) solution, enabling financial services for migrant workers and their families. By leveraging blockchain technology, MiFiX ensures secure and transparent transactions, reduces operational costs, and enhances access to financial services for underserved market segments.
Target Audience
The primary target audience includes banks, NBFCs, microfinance institutions, money transfer operators, and other financial service providers seeking to expand their reach to underserved populations and streamline their operations.
Features
- Proprietary blockchain ecosystem built on Hyperledger
- Bank-grade security with VAPT (Vulnerability Assessment and Penetration Testing) by regulator-approved agencies
- ISO 9001 and ISO 27001 certified
- Multi-party scalability with independent nodes within individual firewalls
- Distributed process optimization mechanism
- Low-touch, multi-channel integration with core banking systems
- User-configurable smart contracts to enable complex product rules
- Expansive data lake with AI-based customizable multi-medium dashboards
- Supports Banking on MiFiX, FAR (Finance Against Remittances) on MiFiX, and Agri Loans on MiFiX
- X-Border KYC and Data Synchronization
- Digitalized asset record validation