Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Capital on the Frontier Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Frontier Finance Best Practices Geographies
Slack Agent of Impact Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Unitus Ventures backs New Street Technologies’ blockchain-based lending



ImpactAlpha, March 27 – Bangalore-based New Street Technologies partners with banks to facilitate loans to small businesses through a blockchain-based lending platform. It has raised $2 million, led by impact investor Unitus Ventures.

One of the most commonly cited reasons that banks don’t lend to small businesses is the cost of due diligence and servicing small loans. New Street Technologies works with banks to retrofit their existing tech systems. Its blockchain-based system helps banks “reduce operating costs and increase efficiency across customer sourcing, documentation, verification, disbursements and collections,” New Street’s website states. It claims the system also helps lenders vet and approve borrowers more quickly.  

“It’s the first example we’ve seen of a company successfully deploying a private blockchain to facilitate microfinance transactions,” Unitus Ventures’ Will Poole told ImpactAlpha.

New Street’s platform has been used to originate $4.3 million in loans since the company was founded in 2017. The seed investment round will allow New Street’s technology to facilitate $145 million in loans over the next three years, YourStory reports.

You might also like...