This marks Veefin's third acquisition this year, after earlier deals involving Nityo Infotech and Regime Tax Solutions, the operator of TaxGenie and PayInvoice. Following the acquisition, EpikIndifi’s co-founders along with their team, will be integrated into the Veefin Group. Veefin expects the deal to enhance its service portfolio, particularly in the digital retail lending space.
The firm plans to add new revenue channels through products such as personal loans, green loans, buy-now-pay-later (BNPL) schemes, credit cards, mortgage loans, and SME loans. These will complement Veefin's current offerings, which primarily focus on working capital solutions.
Veefin also announced its intention to invest Rs 25 crore in EpikIndifi over the next two to three years, with plans to eventually increase its ownership stake, aiming for full acquisition.
EpikIndifi, launched in 2018, provides technology solutions to banks and financial institutions, including a loan origination platform designed to streamline interactions and improve operational efficiency. The system is cloud-based and seeks to offer speed, transparency, compliance, and enhanced profitability.
Veefin offers supply chain financing solutions through a software-as-a-service (SaaS) model. It provides financial institutions and corporates with a comprehensive platform for supply chain finance, including credit underwriting and transaction management across various products.
The company raised USD 3 million in funding in December 2021 and partnered with Singapore-based digital banking solutions provider Tagit in October 2023. Through the partnership, the companies aimed to combine their technologies and solutions to better understand and solve the needs of corporate clients and supply chain stakeholders. At the same time, Tagit and Veefin pooled their efforts to accelerate digitalisation, streamline financial processes, and optimise working capital management for corporate customers of banks and SMEs.
At the time, a spokesperson from Veefin said that their partnership with Tagit will enable them to offer higher quality digital lending solutions to clients who will be able to manage their banking needs better.
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