Veefin Group of Companies acquires Singapore-based GenAI startup Walnut

Nov 05, 2024•9 months ago

Acquiring Company

Veefin

Acquired Company

Walnut

Mumbai

SingaporeLendingFintechFinancial ServicesSoftware

Description

Veefin Group of Companies has acquired a 50% stake in Walnut, a Singapore-based GenAI firm, in an all-cash deal. This marks Veefin Group's first international acquisition and the company’s fourth acquisition this year. The acquisition will allow Veefin Group to utilize Walnut’s GenAI capabilities to help its corporate and banking clients convert large volumes of complex, unstructured data into accurate insights and support its development of tech solutions for working capital management and credit decision-making processes.

Company Information

Company

Veefin

Location

Mumbai, Maharashtra, India

About

Veefin is the No.1 SCF technology provider in India and South Asia and growing rapidly globally. Veefin has been built by bankers for bankers. Veefin’s was the first in the world and still is amongst the only ones to have an end to end product stack to seamlessly digitize the onboarding, multi-facility underwriting, and SCF loan management journeys, thus allowing Lenders to rely on just a single technology provider for powering their digital SCF business. Veefin’s multi-facility underwriting module also powers retail, SME, and Corporate finance loan journeys for a multitude of lenders globally. The Veefin tech stack is now powering the SCF ecosystem in India through the Public Sector Bank Alliance whereby all lenders including banks and NBFCs would need only one connection to the Veefin technology stack to access SME customers on various marketplaces and through fintechs across India. This makes it more efficient for all players in the ecosystem.

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M&A Insights

Based on deal data

Integration timeline

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Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

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