Veefin Capital appoints Shantanu Bairagi, a banking veteran with over 20 years of experience, as its new CEO to drive growth in the fintech sector.
Bairagi aims to leverage Veefin's technology to create innovative financial products for MSMEs, banks, and other financial institutions.
The appointment follows Veefin Group's recent acquisition of Nityo Tech Private Limited.
Veefin Group’s subsidiary Veefin Capital has roped in banking and finance veteran Shantanu Bairagi as its chief executive officer.
In his new role Bairagi will focus on developing tailored financial solutions for MSMEs, using Veefin’s technology to improve the lending process and increase its market share, according to the company’s statement.
“At Veefin Capital, we would leverage the group’s tech prowess and extensive client network to create innovative financial products like securitization of trade assets, thus creating a new asset class for Banks, FI and other debt capital participants,” said Bairagi.
With over 20 years of experience, Bairagi began his career at ICICI Bank, managing corporate coverage and setting up low-cost rural distribution channels. Later, he moved on to Kotak Mahindra Bank as vice president, where he helped establish the corporate banking practice and executed key deals in structured receivable finance and debt consolidation, the company said in a statement.
He was also the senior VP at Abu Dhabi Commercial Bank.
In 2018, Bairagi also cofounded a factoring NBFC and a supply chain advisory firm, Artfine Advisory. The company claims to have introduced new financial products in India, including the first covered commercial paper and pass through certificate. It grew its assets under management, turned receivables into securities, and provided support to MSMEs.
Raja Debnath, chairman of the Veefin Group, said, “Bairagi’s vast experience and strategic vision in the banking and finance sector will be invaluable as we continue to innovate and expand our financial solutions. His proven track record in driving growth and transformation aligns perfectly with our goals for Veefin Capital.”
This comes just days after Veefin Group of Companies bought Nityo Tech Private Limited, part of Nityo Infotech Singapore’s India-invested business, to expand its digital services in banking, financial services and insurance (BFSI) sector.
Veefin competes against the likes of Veritas Finance, CapitalSetu, CashFlo, and Vayana Network in the financial technology sector.
It offers solutions in supply chain finance (SCF) and digital lending, with products for financial operations.
As per Inc42 report, Indian fintech space was the second biggest recipient of VC funds between 2014 and June 2023 and accounted for 19% of the total $141 Bn raised by Indian startups during the period.
The fintech space is estimated to grow to a market size of $2.1 Tn by 2030, at a compounded annual growth rate (CAGR) of 18%.
