Veefin Solutions enhances fintech landscape with FinnUp integration
Veefin Solutions Ltd., renowned as the premier technology vendor for Supply Chain Finance (SCF) in India, has recently announced its latest collaboration with FinnUp, a dynamic multi-lender platform, marking a significant expansion in the fintech sector. This partnership is poised to revolutionize the way small and medium-sized enterprises (SMEs) and corporates access financial services, by facilitating connections with multiple lenders through a singular, efficient platform.
FinnUp, since its foundation, has served as a pivotal B2B debt platform, enabling SMEs and corporates to tap into a vast network of lenders. The integration of Veefin’s Loan Origination System (LOS) and SCF system not only streamlines the underwriting process for borrowers but also allows lenders to harness Veefin’s SCF system to digitize the SCF flow at their end. This strategic alliance is specifically designed to empower FinnUp in broadening its lender base for SCF, thus enhancing financial accessibility for its clients.
Raja Debnath, Managing Director of Veefin Solutions Ltd., expressed his enthusiasm about the collaboration, stating, “We are pleased to be a part of FinnUp’s journey as they seek to expand the pool of lenders available to SMEs for various short- and long-term loan products. Veefin’s goal is to continue empowering the fintech ecosystem who are innovatively solving the access to finance problem to MSMEs.”
Echoing the sentiment of collaboration and innovation, Rahul Agarwal, Co-founder of FinnUp, remarked, “At FinnUp, we are dedicated to revolutionizing the debt landscape for businesses of all sizes. Our partnership with Veefin Solutions perfectly aligns with our mission of offering tailored opportunities for financial upliftment. The incorporation of Veefin’s SCF technology adds a robust dimension to our platform, enabling us to deliver a more streamlined and accessible borrowing experience to our clients.”
The demand for Veefin Solutions Ltd.’s SCF solutions has seen a meteoric rise, with a 300% increase from Indian and global financial institutions in FY 2023-24. Veefin has successfully forged partnerships with a variety of new-age Non-Banking Financial Companies (NBFCs), private sector banks, and small finance banks to deploy its cutting-edge SCF solutions, demonstrating its pivotal role in shaping the future of fintech and supply chain finance.
This partnership between Veefin Solutions and FinnUp signifies a major leap forward in the fintech ecosystem, particularly in the realm of supply chain finance. By leveraging Veefin’s advanced SCF technology, FinnUp is set to offer an unprecedented level of efficiency and accessibility to SMEs and corporates looking to navigate the financial landscape. This collaboration not only underscores the importance of technological innovation in financial services but also highlights the potential for such partnerships to create more inclusive financial systems that cater to the diverse needs of businesses across sizes and sectors.