Veefin Group, a leading provider of working capital technology solutions for banks, financial institutions, and corporates, has made a significant stride in its growth journey. On December 19, 2024, the company announced the successful completion of a funding round, raising ₹136 Crores (approximately $16 million USD). This funding will primarily be used for product development, scaling its solutions, and expanding its global footprint.

Veefin Group is poised to continue its rapid growth trajectory with an additional funding round planned for early 2025, targeting a further ₹155 Crores (~$18 million USD).

Purpose of the Fundraise

The funds raised in this round will be instrumental in enhancing Veefin's innovative product portfolio, driving global expansion, and supporting the integration of its newly acquired companies. These acquisitions include:

• Regime Tax Solutions (Tax Genie)
• Epikinidifi (ezee.ai)
• Nityo Infotech (India arm)
• Singapore-based Walnut.AI

With this expanded portfolio, Veefin Group aims to position itself as the preferred working capital technology platform, offering a wide array of digital solutions tailored for financial institutions, fintechs, corporates, and B2B marketplaces.

Plans for Future Funding

Veefin Group’s upcoming funding round, expected to raise an additional ₹155 Crores, will help accelerate the growth of its solutions, expand its client base, and extend its global reach. These investments will support the company’s goal of becoming the global leader in the working capital technology sector.

Comments from Leadership

Gautam Udani, Co-Founder & COO of Veefin Group, expressed enthusiasm about the successful funding round:

"This marks a significant step in the Veefin Group’s journey of innovation and growth. The trust and continued support from our investors reflect our proven track record of delivering state-of-the-art transformative solutions for banks, financial institutions, and corporates. We will remain steadfast in our commitment to be the most trusted partner for digital transformation for our domestic and global clients."

The funding round attracted participation from Veefin Group's long-standing investors, who have been essential to the company’s growth since its inception.

Veefin’s Achievements and Strategic Partnerships

Veefin Group has made remarkable strides in the working capital technology domain, achieving several key milestones:

• 500+ Clients: Veefin has established partnerships with leading names in the financial services sector, including DBS Bank, IBM, Jio Finance Limited, Yes Bank, ExxonMobil, PSB Alliance, and Riyad Bank.
• $30 Billion Annual Disbursement: Veefin’s platform has processed an impressive $30 billion in annual disbursements, positioning it as one of the top players in the industry.

About Veefin Group of Companies

Veefin Group is on a mission to become the Global No.1 Working Capital Technology Platform. The company specializes in offering a comprehensive range of solutions to optimize working capital, including:

• Supply Chain Finance
• Digital Identity Verification
• Automated Financial Statement Analysis
• Debt Securitization and Trade Finance
• Cash Management
• Automated AR & AP

Veefin also develops white-labeled solutions for banks, fintechs, and corporates, including Lending Stacks, Smart Credit Decisioning, Business Intelligence, Analytics, and Omni-channel Onboarding.

Veefin Solutions Ltd., the parent company, is listed on the BSE SME and is headquartered in Mumbai, with additional offices in Ahmedabad, Dhaka, and Dubai.

Conclusion

Veefin Group’s successful funding rounds and strategic acquisitions signal a bright future as it accelerates its growth and continues to innovate in the working capital technology space. With plans to raise additional funds in early 2025, Veefin is poised to strengthen its market position globally, providing cutting-edge financial solutions to businesses and governments worldwide.

For media queries, contact:
Poorvi Maharesh | poorvi.maharesh@sgapl.net | +91 956043502

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