Promoters of Moneyloji, Mr.Kumar Binit and Mr.Sukhbir Singh have recently acquired Inblox Network Private Limited, valuing USD 0.75 Mn. Inblox is a Start-up tech Company working and conceptualizing 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 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. In the consumers’ usage of their products, we felt the need to build a strong technology team in emerging technologies. We found this opportunity in Inblox Network Pvt Ltd and thus the
reason for acquisition.”
Using blockchain in governing the loan processing and approval before the disbursals of loans in the 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 hyper ledger 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 8 minutes which is scheduled to be launched by Sept’2019.
They acquired 51% stake by buying shares from the existing shareholders of Inblox Network Private Ltd. Their 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 mid next month.
Adding to the development, Manoj Kaushik, Director Inbox, said, “We see a unified vision of making inblox network the largest emerging technology-driven tech community focused on developing community driven products to bridge the gap between the society and emerging technologies.”