Lending platform MoneyLoji acquires Inblox to leverage blockchain tech

Artificial intelligence-driven lending platform MoneyLoji has acquired a majority stake in fintech startup Inblox Network for  $750,000 (around Rs 5.2 crore at the current exchange rate).

MoneyLoji promoters Kumar Binit and Sukhbir Singh bought the 51% stake, the company said in a statement. Ganesh Leasfin Pvt. Ltd, a registered non-banking financial company (NBFC) headquartered in Gurugram, operates MoneyLoji.

Inblox conceptualises and works on products in frontier technologies such as blockchain. The technology will facilitate loan processing and approval before loans are disbursed and customers’ privacy can be secured by leveraging distributed ledger and similar devices, according to a statement.

Such technologies will help MoneyLoji launch a similar concept of complete online disbursement for the self-employed, business professionals and SMEs, it added.

“We see a synergy between fintech and emerging technology which going forward will play a vital role in various fields since the current vision of MoneyLoji is to build consumer-driven lending technologies that can be linked with blockchain to provide consumers more data privacy, security and transparency,” said Kumar Binit, MoneyLoji’s chief executive officer.

The lending platform has been completely driven by AI and machine learning since April, the company said. It offers short-term personal loans up to 1 lakh. Processes ranging from approval to disbursal takes under ten minutes owing to MoneyLoji’s proprietary AI and ML technologies and third-party integrations, the statement added.

Recent developments in the fintech segment

• June: Lending platform Avail Finance raised $9 million in a Series A round led by Matrix Parnters India.
• June: Fintech startup Loktra won the NTT Com-Netmagic Startup Challenge 2019.
• June: Microsoft partnered with Ganymede Advisory (GA) Partners to aid Indian fintech startups.