Veefin Group Acquires 50% Stake in Singapore's Walnut Veefin Group plans to enhance its corporate and banking services by integrating Walnut's GenAI capabilities, transforming complex data into quick insights for credit decision-making, while Walnut will remain independent post-acquisition.
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The Veefin Group of Companies has made a significant leap in its international expansion strategy by acquiring a 50% stake in Singapore-based GenAI startup Walnut in an all-cash deal. This acquisition marks Veefin's fourth purchase this year, positioning the company as a leading global player in the working capital finance sector.
By integrating Walnut's advanced GenAI capabilities, Veefin aims to enhance its offerings to clients across corporate and banking sectors, turning complex, unstructured data into precise insights delivered rapidly. This technology is particularly beneficial for credit decision-making, as Veefin develops tech-first solutions to optimise working capital management. Walnut will continue to operate independently post-acquisition.
Raja Debnath, Chairman and Co-founder of the Veefin Group of Companies, said, "We continue to grow the Veefin Group by bringing in more and more companies into the Veefin ecosystem to leverage the massive client base that the entire group now commands. To this effect, GenAI is a must-have capability for the group. Walnut thus fits in very well into the Veefin ecosystem. The acquisition of Walnut is part of our strategic endeavour to become the Global No. 1 Working Capital Finance Platform. Vegaspread is a one-of-its-kind solution for credit teams to fast-track decision-making by leaps and bounds."
Established in 2020, Veefin Group focuses on optimising working capital through a comprehensive range of solutions, including digital supply chain finance, identity verification, automated financial analysis, debt securitization, and cash management.
The group develops white-labeled lending solutions featuring an end-to-end lending stack and smart credit decisioning for banks and fintechs. Headquartered in Mumbai, Veefin also has offices in major cities such as Ahmedabad, Chennai, Delhi, Bengaluru, Dhaka, and Dubai, with its parent company, Veefin Solutions Ltd, listed on BSE SME.
Earlier this year, the group enhanced its technology portfolio by acquiring three additional tech companies, further solidifying its position in working capital management technology.
Walnut, founded in 2020 by Bala Iyer and Lalit Kumar, specialises in data solutions tailored for banks and financial institutions. Its flagship product, Vegaspread, harnesses the power of artificial intelligence, machine learning, and natural language processing to convert complex financial data into actionable insights, thereby enhancing data governance and analytics.
Bala Iyer, Co-founder and CEO of Walnut, highlighted, "Veefin Group is a formidable force in the SaaS ecosystem and one of the most sought-after platforms for banking technology infrastructure solutions. Our product integrates seamlessly into their expansive ecosystem. With our sights set on global and Indian expansion, we aim to become the premier GenAI tool for fast and intelligent credit decisioning. We couldn't have found a better growth partner in this journey."
