Veefin acquires strategic stake in Regime Tax Solutions to enhance supply chain finance
Veefin, a global leader in Supply Chain Finance, has announced a significant investment into Mumbai-based Regime Tax Solutions, known for its advanced solutions in GST compliance and automation of Accounts Payable (AP) and Accounts Receivable (AR). This strategic stake aims to integrate Regime’s flagship products, TaxGenie and PayInvoice, into Veefin’s technology platform for banks and financial institutions, marking a pioneering move in the industry to offer a comprehensive solution for supply chain finance (SCF) along with GST compliance and invoice management.
The collaboration between Veefin and Regime Tax Solutions introduces an integrated service that will enhance the operational capabilities of financial institutions. By incorporating Regime’s TaxGenie and PayInvoice into its platform, Veefin will provide its clients, which include over 50 financial institutions, with the ability to manage and reconcile invoices and comply with GST requirements effectively. This integration promises to streamline processes and improve efficiency in handling large volumes of financial transactions.
With this acquisition, key leaders from Veefin, including Managing Director Raja Debnath, CFO Payal Maisheri, and Director Afzal Modak, will join the board of Regime. They will work closely with Regime’s CEO Rakesh Dube, who will continue to lead his company and its products forward.
In the previous year, Regime’s PayInvoice processed over INR 65,000 crore worth of invoices, while TaxGenie facilitated filings for over 1,000 corporate GSTINs, impacting a significant portion of the market. Veefin’s investment is poised to further enhance these capabilities, offering a robust solution that addresses the complexities of financial transactions across multiple sectors.
This partnership not only underscores Veefin’s commitment to expanding its services within the financial technology space but also sets a new standard in the integration of financial services and regulatory technology. The alliance is expected to drive innovation and efficiency, providing clients with a scalable solution that supports business growth and operational excellence.
Raja Debnath, Managing Director at Veefin, expressed enthusiasm about the merger, stating, “This strategic investment allows us to broaden our technological capabilities and offer enhanced services to our clients, aiding them in navigating the challenges of financial operations and compliance more effectively.”