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Veefin, a company specialising in Supply Chain Finance, has announced a strategic investment in Mumbai-based Regime Tax Solutions, which has seen growth in the areas of advanced GST compliance and Accounts Payable (AP) and Accounts Receivable (AR) automation.
Veefin plans to enhance its product portfolio by incorporating two flagship solutions from Regime – TaxGenie and PayInvoice – into its supply chain technology platform designed for banks and financial institutions. Veefin currently collaborates with over 50 financial clients, providing them with a comprehensive, integrated supply chain finance platform.
Raja Debnath, Managing Director, Payal Maisheri, CFO and Afzal Modak, Director of Veefin, will join the board of Regime. Rakesh Dube, CEO of Regime, will continue to lead the company and its flagship products.
"Our long-standing commitment to democratise access to supply chain finance and offer seamless digital lending for financial institutions has driven us to continually enhance our offerings. Our stake in Regime Tax Solutions perfectly aligns with our vision to help financial institutions have the best of SCF technology that allows them to solve the real problems that their corporate clients grapple with. With the new product integration, banks and financial institutions will have enhanced capabilities to solve the AR/AP issues faced by Corporates and ultimately provide a superior experience to their customers," Raja Debnath, Managing Director, Veefin, said in a statement.
"This partnership marks a significant step forward in our mission to empower financial institutions with cutting-edge solutions. Integrating Regime Tax’s intelligent financial management solutions will enhance our ability to serve banks as we connect the money flow layer with the underlying GST data flow layer," said Afzal Modak, Director at Veefin.
Rakesh Dube, CEO at Regime Tax Solutions, said, “Our goal is to establish ourselves as the go-to worldwide platform for financing, compliance and AR/AP automation. This partnership with Veefin will enable us to transform how companies handle their financial and tax compliance procedures by offering seamless integration, cutting-edge technologies and unmatched efficiency. Together with Veefin, we aim to empower companies all over the world to effectively navigate complicated regulatory environments and realise their greatest potential for expansion."
