With a vision to make cutting-edge technology available to clients of all sizes, Veefin Solutions has broken traditional entry barriers to adopt new-age technology. It is offering technology-intensive solutions to lenders with its end-to-end stack including onboarding, underwriting, loan origination, transaction and transaction management for SMEs.
Mumbai-based Veefin Solutions has been a leading financial products and digital solutions provider offering innovative solutions for over 12 years now. At Veefin, flexibility is the motto and all the solutions are adaptable to meet business objectives, processes and policies.
While narrating the journey, Raja Debnath, MD, Veefin Solutions asserted, “The pandemic gave us a big push and banks across the globe understood the importance of supply chain financing. Being able to lend to MSMEs is always paramount, especially in developing economies.” Gautam Udani founded Veefin Solutions, formerly known as Infini Systems in 2010. Until 2018, the company specialised in digital transformation with processing offerings. Later on, Debnath who used to work as Global SME Banking Advisory Services Specialist of Asia at the International Finance Corporation (IFC) joined Veefin in 2019 as Co-founder.
Today, Veefin has reached a milestone, it has been listed on the BSE SME stock exchange in July 2023. The Veefin team has been aggressively adding features to keep ahead of the demands of the market. “It was a very successful IPO that was oversubscribed almost by 2.5x. The response we're receiving from the market has been great,” Debnath added.
Long-term Goals
Currently, Veefin has offices in three countries with clients present in most regions across Asia, Africa and the Middle East with clientele spanning across private and foreign government institutions.
“We aim to be present globally, covering financial institutions across all continents and become the number one global supply chain financing platform,” reiterated Debnath.
Half a decade ago, supply chain financing used to be a very underserved market as only the biggies in the finance industry had access to it and small-size lenders couldn't afford it as the risk-to-reward ratio was hard to justify.
“In the next five years, we aspire to witness a remarkable uptick in the contribution of MSMEs to the economy, potentially increasing it by up to 50 per cent,” Debnath believes.
Road Ahead
In order to meet India's ambitious goal of being a $5 trillion economy, Debnath shared, “My vision is to enhance the country's economic growth through the implementation of deep-tier supply chain finance. By adopting this approach, we can empower and strengthen the MSME sector.”
Drawing inspiration from successful models such as China where similar strategies have yielded remarkable outcomes, Veefin aims to leverage deep-tier supply chain finance to propel the growth of MSMEs in India.