New Street Tech

Background

Founded in 2017 and headquartered in Bengaluru, India, New Street Tech is a fintech company specializing in blockchain-enabled platforms aimed at transforming the delivery of financial services. The company's mission is to modernize existing financial infrastructures by integrating cutting-edge technologies such as blockchain, artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). This approach seeks to enhance efficiency, reduce operational costs, and improve customer experiences within the financial sector.

Key Strategic Focus

New Street Tech's strategic focus centers on developing and deploying innovative technological solutions that streamline financial service operations. The company's flagship product, MiFiX (Multi-interface Financial eXchange), is a blockchain-based ecosystem designed to seamlessly connect banks, non-banking financial companies (NBFCs), and other financial institutions with their customers, business correspondents, direct selling agents (DSAs), field officers, branches, and third-party partners. MiFiX facilitates various processes, including origination, Know Your Customer (KYC) procedures, credit bureau referencing, underwriting, documentation, account opening, disbursements, collections, reconciliation, reporting, billing, and settlement. This comprehensive platform aims to enhance operational efficiency and reduce costs for financial institutions.

Financials and Funding

New Street Tech has demonstrated significant financial growth since its inception. In the fiscal year 2023, the company reported a revenue increase of 3.6 times, reaching ₹36.9 crore, up from ₹10.15 crore in the previous fiscal year. Profits also saw a substantial rise, increasing 4.8 times to ₹1.9 crore during the same period. This growth is attributed to the widespread adoption of MiFiX and the company's focus on reducing technology maintenance and operational costs for clients.

The company's funding history includes:

Seed Round (January 2018): Raised $445,000.

Series A (March 2019): Secured $1.97 million, bringing the total raised to $2.41 million.

Series B (September 2021): Obtained $4 million, with notable investors including Vittal Kadapakkam, T-Block Accelerator, and Capria Ventures.

These funds have been utilized to enhance product offerings, expand the client base, and support the company's growth initiatives.

Technological Platform and Innovation

New Street Tech distinguishes itself through its robust technological platform and commitment to innovation. The company's core platform architecture integrates blockchain, AI, ML, and IoT technologies to deliver scalable and efficient solutions. MiFiX, the flagship product, is a bank-grade secure platform with Vulnerability Assessment and Penetration Testing (VAPT) certification from regulator-recognized information security auditors. It has demonstrated efficiency gains exceeding 500% in the microfinance industry.

The company's security framework emphasizes data integrity and confidentiality, employing robust encryption methods and secure data storage protocols. Compliance with relevant regulatory requirements ensures that products and services meet the highest standards of security and compliance.

Leadership Team

New Street Tech's leadership team comprises experienced professionals with diverse backgrounds:

Sajeev Viswanathan: Founder, Chief Executive Officer, Managing Director, and Board Member. With over 18 years of experience at Citigroup, Sajeev has managed multi-billion-dollar businesses globally and is passionate about leveraging disruptive technologies to enhance conventional business models.

Maya Shenoy: Chief People Officer. Maya has extensive experience in building cohesive teams for product development in the banking and financial services sector, with previous roles at Dvara Solutions and Fintellix.

Shrish Lal: Chief Business Officer. With more than two decades of experience in BFSI technology, telecom, and consumer durables, Shrish has a strong ethos for excellence and integrity, shaped by his foundational years at HDFC and Tata Group companies.

Mohit Davar: Co-Founder, Board Member, and Advisor. Mohit brings valuable insights and strategic guidance to the company.

Srikrishna Ramamoorthy: Advisor and Board Member representing Unitus Ventures, providing expertise in venture capital and strategic growth.

Competitor Profile

Market Insights and Dynamics

The fintech industry is experiencing rapid growth, driven by technological advancements and increasing demand for efficient financial services. The integration of blockchain, AI, and IoT technologies is transforming traditional financial operations, offering enhanced security, transparency, and efficiency.

Competitor Analysis

New Street Tech operates in a competitive landscape with several notable companies:

Centiglobe: Develops payment technology for multi-currency environments, facilitating efficient money transfers.

Leaf Global Fintech: Provides integrated virtual financial services to vulnerable populations on a blockchain platform.

Portal: Develops financial platforms for trading bitcoins, focusing on secure and efficient transactions.

Nume Crypto: Offers cryptocurrency payment processing solutions for retail and business clients.

These competitors focus on various aspects of blockchain and fintech solutions, each contributing to the evolving financial technology ecosystem.

Strategic Collaborations and Partnerships

New Street Tech has established significant collaborations to enhance its services and expand its reach:

Banking Collaborations: Partnerships with banks such as Federal Bank and Dhanlaxmi Bank to offer services like finances against remittances and agricultural loans.

Merchant Partnerships: Collaborations with merchants to streamline payment processes and make financial services more accessible.

Technology Alliances: Alliances with technology companies to leverage the latest technologies, including blockchain, AI, ML, and IoT, enhancing product offerings and service efficiency.

Operational Insights

Strategically, New Street Tech focuses on leveraging its technological expertise to maintain a competitive edge. The company's emphasis on innovation, cost efficiency, and customer-centric solutions positions it favorably in the fintech industry. By continuously enhancing its product offerings and expanding its client base, New Street Tech aims to solidify its market position and drive future growth.

Strategic Opportunities and Future Directions

Looking ahead, New Street Tech plans to:

Expand Product Offerings: Develop new solutions that address emerging market needs and trends, leveraging advancements in blockchain, AI, ML, and IoT technologies.

Enhance Financial Inclusion: Continue efforts to make financial services more accessible and affordable, particularly for underserved populations.