1. PSB Xchange bank onboarding - Three banks are live and seven are under integration, with deals now presented to 10 lenders versus 3 before; cumulative limit requests on the platform have reached ₹26,000 crore. Management expects an inflection point once 10-12 banks are integrated, and the platform carries a 30-65 bps revenue share on every rupee of AUM banks disburse.
2. Qualified pipeline conversion - The qualified enterprise pipeline closed at USD 80.13 Mn in Q1 FY27, with USD 15.27 Mn converted to contracts in the quarter; management targets at least 25% conversion over the next six months. At the same 50:50 win rate as this year, Veefin expects to win \~125 of its \~250 active pursuits over the next couple of years.
3. Multi-product cross-sell - 70% of the pipeline is now non-supply-chain finance, with 26 of 52 tracked deals spanning more than one product; the largest Q1 FY27 win was a GCC digital bank signing for 6 products at once. Cross-selling to existing customers carries 70%+ incremental margins, and customers stay 7-10+ years.
4. PSB Xchange bank onboarding - Punjab National Bank signed as a lending partner on 28 Jul 2026, joining Bank of India and early adopters SBI, UCO, Central Bank, IOB and Bank of Baroda. The first fully digital transaction completed in Oct 2025, and the platform now has 88 active corporate deals with ₹22,000 cr of cumulative limit requests.
5. Capex taper - FY26 product-level capex was ₹107 cr, but FY27 capex is expected to be lower as the product IP investment cycle nears its end. With IP investments tapering and no new products in development, the 10-year amortization of capitalized development costs should start converting into free cash flow.
6. Amalgamation completion - The merger of GlobeTF and Estorifi into Veefin is 4 of 7 statutory steps complete, with the NCLT second motion being filed and completion expected within a quarter. The combined perimeter (Veefin + Estorifi + GlobeTF) had FY26 revenue of ₹91.75 cr at a 48.7% EBITDA margin, and the merger is expected to be EPS-accretive from next year.
7. NSIA Group West Africa rollout - Veefin signed a partnership with NSIA Group on 18 Aug 2026 to deploy SCF across five banking entities in Côte d'Ivoire, Senegal, Benin, Togo and Guinea. This is a platform licence plus ongoing maintenance deal, and the implementation is expected to go live progressively across all five entities.
8. BPI Deep Tier Finance - Bank of the Philippine Islands signed a Supply Chain Finance platform mandate with Veefin on 28 Nov 2025, covering supplier finance, receivables finance and extended vendor financing. This is Veefin's first signed deal in the Philippines and its first global deployment of Deep Tier Finance, opening a new geography and product line.
9. Main-board migration - The Board approved migration to BSE Main Board and direct listing on NSE on 16 Jun 2026, with a postal ballot notice issued. A main-board listing widens the investor base and removes the SME-platform discount on the current ₹633 cr market cap.
10. PSB Xchange international replication - Six countries have shown interest in building similar platforms, with active conversations ongoing and at least a few expected to fructify in 2027. These are expected to be joint ventures, and Veefin claims to be the only company globally with the technology and know-how.