The company was founded in July 2019 and is leading the construction of a public blockchain, Newrl. This is a platform that allows asset tokenisation and lends to smart contracts.
ASQI, a fintech company, has raised $1 Million in pre-series B funding to bring the many non-crypto currencies aspects of blockchain technology to mainstream finance.
The round was led, among other things, by Founders Room Capital. This is a prominent early-stage investor, headed by UdaySodhi (Senior Partners, Kurate Digital; exHead Sony Liv), ManishAgarwal (CEO Nazara Technologies), and Jasmeet Sing Gandhi (Head Global Business Development at Clevertap).
The company was founded in July 2019 and is leading the construction of a public blockchain, Newrl. This is a platform that allows asset tokenization and lends, and is powered by smart contracts.
Swapnil Pawar (Founder, ASQI) commented on the development. “The funding will allow us to further decentralise Newrl and strengthen it as a regulation compliant blockchain with legally sound tokenization, KYC built right into its protocol layer. We have established a strong foundation and now we want to add application layer partners to the platform.
Pawar said, “The funding further strengthens the faith of investors in our vision to bring the revolutionary web3 technology into mainstream financing for financial inclusion and empowerment and individuals and small businesses.”
The platform will emphasize KYC compliance and adherence with relevant laws in each country. Newrl’s use cases include small businesses being able to raise equity or debt financing in fiat currency, and thin-file borrowers being able to access regular credit through peer-group inputs.
The firm’s first goal is to decentralise personal lending and mall lending using blockchain. It’s worth $900 billion in the US. A subsequent scaling up of $1.5 trillion will allow for similar global success.
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