Blockchain-based loan facilitator StreamSource raises seed funding

StreamSource, a blockchain marketplace that facilitates unsecured loans, has raised $1 million (Rs 7.1 crore) in a seed funding round led by venture capital firm Accel, a company statement said.

The startup plans to bring more lenders on board besides expanding its operations to other markets and increasing the team strength, the statement added. StreamSource claims to target $130 billion annual US personal loans market.

Founded by Mayank Tewari and Prerit Srivastava last year, StreamSource enables lenders to work together and collaborate with each other without the dissemination of any confidential information. Borrowers are also able to maintain complete confidentiality while shopping for the right lender. In the final transaction, a borrower may apply for a loan from a single lender, but may receive approval from several vendors with a single click.

Headquartered in New York, StreamSource also has an Indian offshoot in Gurugram.

Tewari has previously worked with Uber, and Srivastava with Ola.

Many fintech startups using blockchain technology have attracted investors lately.

Last month, OweMe, a blockchain-based payments platform owned by London-headquartered Sabstone Ltd, raised $1 million in a seed round from pi Ventures.

In April last year, Mumbai-based blockchain startup Elemential raised an undisclosed sum in a round led by venture capital firm Matrix Partners India.

Last year in April, Singapore-based blockchain firm ZPX raised $1.3 million (Rs 8.4 crore then) in a round led by venture capital firm SeedPlus.