Blockchain-based unsecured personal loan marketplace StreamSource has raised $1 million seed fund from Accel India. This is also first investment for Accel in blockchain segment in India.
The Gurugram-based startup will deploy the proceeds towards developing its product, growing the sales team in the US and hiring local resources in markets such as Australia and UK. Further, StreamSource is also working to expand the product for merchants, who will be able to sell leads to the lenders on its platform.
Floated in May 2018, StreamSource is essentially a quorum-based decentralized marketplace where lenders and debt buyers can initiate and settle transactions that includes buying and selling of credit approved leads and whole loan transactions.
StreamSource has two key components – SS Node and SS Dash. While SS Node allows lenders to upload their credit model on secure blockchain nodes and provide other partners access to their decision model, SS Dash allows to bid, buy & sell leads to other partner lenders using intuitive dashboard.
The whole process is fully encrypted and can only be accessed by the model owner.
The startup is currently working with a few mid-size lenders in the US. The decision making for processing of unsecured loans in India is far deeper, more complex and requires manual intervention and that’s why it chose the US over the local market.
A brainchild of former Uber and Ola executives Mayank Tewari and Prerit Srivastava, StreamSource hardly finds any direct competitor in India. However, many new startups such as Lendoit, ETHlend, Inspeer, and SALT have been leveraging Blockchain technology in the lending market.
The information is sourced from ET.