Fintech startup MoneyLoji acquires tech startup Inblox for $750K
Moneyloji, a Gurugram-based fintech startup owned by Ganesh Leasfin Pvt Ltd, has announced the acquisition of Inblox Network Private Limited for $750,000.
Founded by Kumar Binit and Sukhbir Singh, Moneyloji acquired a 51 percent stake by buying shares from the existing shareholders of Inblox. Based in Gurugram, Inblox is a tech startup that builds products in the field of emerging technologies like Blockchain.
Speaking on the acquisition, Kumar Binit, CEO of MoneyLoji, said,
“We see a synergy between a fintech and emerging technology, which 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. In the consumers’ usage of their products, we felt the need to build a strong technology team in emerging technologies.”
Kumar Binit, CEO of MoneyLoji
In an official statement, the startup said that using Blockchain in governing loan processing and approval before disbursals of loans in future will give rise to a lot of benefits.
Moreover, the customers’ identity after verification can be kept safe by using distributed ledger technology that involves hyperledger and fabric or any other similar technology.
This will help Moneyloji to launch a similar concept of complete online disbursement for the self-employed, business professionals, and SMEs within eight minutes, which is scheduled to be launched by September 2019.
Inblox’s in-house product, which is currently under development called ‘inblox.me’, is a community enabler platform for businesses and emerging tech enthusiasts. The alpha version is scheduled to be released by the middle of next month.
Adding to the development, Manoj Kaushik, Director of Inbox, said,
“We see a unified vision of making Inblox network the largest emerging technology-driven tech community focussed on developing community-driven products to bridge the gap between society and emerging technologies.”
MoneyLoji is offering short-term personal loans up to Rs 1 lakh with tenure ranging from seven days to 90 days for salaried professionals. From approval to disbursal, the platform takes eight to 10 minutes using its proprietary artificial intelligence (AI) and machine learning (ML), coupled with in-house algorithm and third-party integrations.
Within two months of launch, the startup already has more than 50,000 users and 500+ active accounts with a book size of over Rs 1 crore.