Veefin Solutions is a product company that builds the software banks use to run their working-capital and transaction-banking operations - it started in 2020 with a single supply-chain finance tool and has since assembled a full suite of lending, trade, cash-management and fraud-detection products, all sold on a pay-as-you-use model that ties its own revenue to the lending volumes its bank clients process through the platform. The company was founded in Mumbai, listed on the BSE SME platform in July 2023, and now counts over 85 financial institutions as customers across multiple geographies. Its recurring approach is to enter a bank through supply-chain finance - which embeds Veefin deep into the bank’s actual operations - and then cross-sell adjacent products into the same relationship, building an increasingly sticky, multi-product footprint on a single shared technology architecture. # Business segments Three engines at different stages - a supply-chain finance cash cow that doubles as the entry wedge, a transaction-banking suite built for much larger wallet potential, and a digital-lending toolkit sold module by module - all running on one shared technology chassis and feeding the same banking relationships. ## 1. Supply-chain finance platform: the entry wedge and the cash engine **The company’s original product is a market-leading, white-labelled platform that lets banks digitise every step of supply-chain lending - from onboarding a corporate to collecting the last rupee - and Veefin earns a few basis points on every dollar disbursed through it.** - **Paid on usage, not upfront** - Veefin charges banks a SaaS fee of a few basis points on disbursements, with rates varying from single-digit basis points to 30-40 basis points depending on the lender’s spreads and portfolio size; 87% of its customers are on this model, so Veefin’s revenue grows only when its clients’ lending books grow. - **Covers the full financing lifecycle** - the platform handles onboarding, underwriting, transaction management and collections in one integrated system, supporting nine distinct SCF products including invoice discounting, factoring, distributor financing and deep-tier vendor financing. - **Goes deeper into supply chains than rivals** - its Deep Tier Supply Chain Finance capability extends financing to Tier-2 and Tier-3 suppliers using the corporate anchor as a guarantee, which lets lenders double their SCF book without signing new corporates; Veefin claims to be the only non-blockchain solution globally that does this. - **The moat is complexity and people** - the SCF platform is hard to build and harder to replicate, and the company has kept near-zero attrition among the engineers who wrote the original code, so product knowledge compounds rather than leaking away. - **The control point for everything else** - implementing SCF means getting into a bank’s workflows, approvals, accounting and risk systems, which gives Veefin the credibility and the access to sell adjacent products into the same institution. ## 2. Transaction banking platform: the large-ticket systems bet **A suite of enterprise-grade products covering trade finance, cash management, and corporate and retail internet banking - longer to sell and implement than SCF, but with much larger wallet potential per bank.** - **Three core modules on one chassis** - the platform spans Supply Chain Finance, Cash, and Trade, and Veefin claims to be arguably the only company globally offering all three on a unified platform. - **Sold to banks, not corporates** - the cash management product is a complex enterprise system sold to financial institutions, and management expects it to deliver similar EBITDA margins to the SCF business over time. - **Built as strategic intellectual property** - these products sit in what management calls “Layer 3,” meaning they are large, long-gestation investments that create long-term value and make the banking relationship far stickier than a single-product sale would. - **Deployment speed is the differentiator** - traditional enterprise rollouts of this kind can take years; Veefin’s out-of-the-box platform is designed to go live in weeks, and it can be deployed on cloud, on-premises or hybrid models configured to local regulatory requirements. ## 3. Digital lending suite: sold module by module **A set of standalone SaaS products - loan origination, loan management and collections - that Veefin now sells separately to banks and NBFCs for both SCF and non-SCF lending, increasing the revenue it extracts from each banking relationship.** - **Three modular products** - the suite comprises a low-code Loan Origination System for onboarding and underwriting, a Loan Management System for post-sanction servicing (now available for both SCF and non-SCF loans like term loans), and a Collections Management System called Collectflow that automates agent assignment and multi-lingual communication. - **Cross-sell lowers the cost of acquisition** - historically Veefin sold the entire SCF platform as one bundle; now it unbundles each module and sells them into the same banks it already serves through SCF, which means it does not have to win a new relationship to sell a new product. - **Powered by acquired AI** - the LOS and CMS modules run on technology from Ezee.AI, an acquired company, embedding artificial intelligence into credit decisioning and collections workflows. # Veefin 4.0 unified architecture **All of Veefin’s products - SCF, trade finance, cash management, internet banking, lending and collections - are built on a single microservices architecture with shared components and common APIs, so a bank that buys one product can add others with minimal integration effort.** - **One chassis, many products** - the architecture uses reusable services and common APIs aimed at a single banking client base, which means the company’s strategy is not to sell one product to one bank but to sell multiple products into the same relationship over time, increasing wallet share and making the bank stickier. - **Implementation leverage** - deploying several products on a shared chassis reduces the time and cost of each subsequent rollout, creating an economic advantage that grows with every additional module a bank adopts. - **Deployable anywhere** - the platform runs on cloud, on-premises or hybrid models and is configurable to meet local regulatory requirements in different geographies. # Group structure and partners **The Veefin Group is consolidating its core product entities into the listed parent while building out a broader ecosystem of subsidiaries and stakes in fraud-detection, AI, tax-compliance and retail-lending businesses - all without diluting the listed entity’s shareholders for the larger acquisitions.** - **Amalgamation underway** - GlobeTF Solutions (trade finance and cash management) and Estorifi Solutions (embedded finance and the PSB Xchange marketplace) are being merged into Veefin Solutions Limited, with an appointed date of 1 April 2026 and NCLT approval received in May 2026; the scheme also cancels 21 lakh promoter shares at nil consideration, valued at roughly INR 83 crores. - **AI, tax and retail lending stakes** - the group holds a 50% stake in Walnut.AI (Generative AI for credit scoring and risk analytics, acquired for USD 2 million), 26% with 51% management control in Regime Tax Solutions/TaxGenie (GST compliance and AR/AP automation), and 26% in Epikindifi (digital retail lending covering personal loans, BNPL, credit cards and mortgages). - **Global distribution muscle** - the company has country directors in 27 countries and 25-plus regional directors with over 20 years of experience each, covering Southeast Asia, Africa, the Middle East and Latin America; it has established a regional base in Nigeria for Africa and signed a strategic partnership with IWS Holdings to enter Sri Lanka.