Veefin Buys TradeAssets To Expand Offerings

SUMMARY

Veefin’s fifth buyout in the last eight months will help the Indian fintech to become a one-stop-solution in the supply chain financing space

The acquisition will help Veefin to enhance its collaboration with banks and create cross-selling opportunities for TradeAssets clientele

The SaaS-based Indian fintech has become a group of 10 companies and seeks to make more acquisitions in the coming days

Mumbai-based Veefin Group has made a strategic acquisition of Dubai-based TradeAssets through its subsidiary Estorifi Solutions. The fifth buyout in the last eight months will help the SaaS-based Indian fintech to become a one-stop-solution in the supply chain financing space.

According to a company statement, the acquisition will help Veefin enhance its collaboration with banks and create cross-selling opportunities for TradeAssets clients.

Financial details of the deal were not shared by the company.

Founded in 2020, Veefin Group is a BSE SME-listed company which automates supply chain financing and digital lending solutions for its customers. It caters to a diverse base of clientele comprising banks, financial institutions, fintech firms, B2B marketplaces, and large corporations.

Supply chain financing is a trade finance asset which helps companies improve their cash flow management and working capital. It helps suppliers to receive early payments on their invoices, and eases lending operations for banks.

TradeAssets is a global e-marketplace for financial institutions and alternate investors for buying and selling of trade finance assets. It claims to have a market base of more than 10,000 banks with secondary asset sales of $1 Tn and primary asset origination of $2 Tn.

How this acquisition will help Veefin

Integrated offerings: The Veefin Group offers supply chain finance, trade finance, and cash management solutions. This collaboration will allow banks to originate, distribute, and manage trade finance assets seamlessly under one unified ecosystem.

Boost collaboration with banks: With this buyout, the banks would be able to create more value from their trade finance operations.

Cross-selling opportunity: The collaboration will also allow Veefin to ofer TradeAssets’ clientele its range of services such as trade finance, cash management, and automated receivables.

“Integrating TradeAssets into our ecosystem allows us to offer even more comprehensive solutions to global financial institutions. This move aligns with our goal to provide an integrated platform that covers all aspects of trade finance, from origination to distribution and beyond,” said Raja Debnath, chairperson, cofounder and chief executive of Veefin Group.

“By joining the Veefin Group, we bring our expertise in trade asset distribution to a comprehensive platform that empowers banks to seamlessly originate, syndicate, and manage trade finance portfolios. Together, we would endeavour to redefine how financial institutions maximise value from their trade finance operations,” Lakshmanan Sankaran, cofounder and chairman of TradeAssets said.

The supply chain financing company continued with its spree of acquisitions since last June when it acquired 26% stake in Regime Tax Solutions to integrate its GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin’s platform.

Two months later, Veefin had bought Nityo Tech Private Limited, part of Nityo Infotech Singapore’s India-invested business, to expand its digital services in the banking, financial services and insurance (BFSI) sector.

In the following month, the company marked its third acquisition by picking up 26% in EpikInDiFi in a share-swap deal which valued the target at INR 125 Cr. In December, Veefin marked its fourth acquisition buying 50% in GenAI startup Walnut AI in a $2 Mn deal.

The supply chain fintech has become a group of 10 companies and seeks to make more acquisitions in the coming days to better serve its expanding clientele.

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