Following this announcement, Mumbai-based Veefin, through its subsidiary Estorifi Solutions, is expected to buy a 50% stake in Walnut AI for about USD 2 million (nearly INR 17 crore) in a cash deal.
In addition, the companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Veefin provides technology product solutions for supply chain finance and digital lending to banks, non-banking FIs, fintech companies, marketplaces, and corporate houses. These tools also include end-to-end lending stack, business intelligence, smart credit decisioning, and analytics.
Throughout this announcement, the acquisition will provide Veefin with the possibility to access Walnut’s client roster which includes DBS, Bank of Singapore, Amret, and RCBC, besides generating additional revenue.
At the same time, the acquisition of Walnut represents a part of the strategic endeavor to become a secure working capital finance platform. Walnut will continue to provide its customers, clients, banks, and financial institutions with software solutions. It also relies on artificial intelligence technology to manage complex and large-scale datasets for insights in areas such as risk, fraud, credit, Know Your Customer (KYC), and capital market operations areas.
Walnut is set to continue to operate as an independent entity after the acquisition is complete. The latest deal represents the first international acquisition for the Veefin group as well. According to the officials of the company, Veefin will continue to grow by bringing more institutions into the ecosystem in order to leverage the massive client base that the entire group now commands.
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