Fintech startup IOUX looking to raise

According to co-founder Vineet K Sachdev, IOUX, a fintech startup specializing in providing a comprehensive solution for executing legal and financial deals to promote ease of doing business, hopes to raise $10 million (approximately Rs 77 million) in funding in the coming months.

He also stated that the business will use blockchain technology on the IOUX platform to help MSMEs build their performance and creditworthiness to obtain financing from banking institutions on simple and inexpensive terms.

More than 15,000 consumers, including 3,000 businesses and microfinance institutions, use the service. Patents have been issued by the government for a method for generating and monitoring a smart contract using a secure system and a computer-enforced distributed ledger, as well as a contractual dispute resolution process.

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