Invest Bank expands digital trade finance with Veefin Solutions partnership

By Gloria Methri

Invest Bank, one of UAE’s leading financial institutions, has onboarded Veefin Solutions to digitise its Supply Chain Finance (SCF) offerings fully. This collaboration will replace the bank’s existing manual processes with a state-of-the-art digital platform, enabling faster, more efficient, and seamless financing for businesses across the UAE.

Through this partnership, Invest Bank will leverage Veefin’s advanced SCF Loan Management System platform allowing them to streamline financing, eliminating time-consuming manual workflows and significantly improving operational efficiency.

By embracing full-scale digital transformation, Invest Bank aims to provide businesses with instant access to working capital, reduced paperwork & manual intervention, and improved turnaround times, strengthening its position in technology-driven banking.

Edris Al Rafi, Chief Executive Officer at Invest Bank, said, “With our strategic partnership with Veefin, Invest Bank is poised to leverage Supply Chain System to redefine the landscape of open account finance. This system not only sets us apart in competitive markets but also amplifies our client service model and meets our stringent risk control objectives. It’s a transformative step enhancing our digital journey to enhance customer experiences and minimising reliance on traditional branch networks.”

Gautam Udani, Co-Founder and COO at Veefin Solutions said, “We are glad to support Invest Bank in its mission to digitise Supply Chain Finance. Our platform will help replace legacy manual systems with an intuitive, fully automated digital solution, ensuring faster approvals, better transparency, and a superior user experience for businesses seeking financing.”

India-based Veefin Group offers solutions across end-to-end digital Supply Chain Finance, digital identity verification and automated financial statement analysis, debt securitisation, cash management, trade finance, automated Accounts Receivable (AR) & Accounts Payable (AP) and software consulting and services by deploying innovative, agile and scalable technology.

It also builds white-labelled Supply Chain Finance and Digital Lending solutions, including end-to-end Lending Stack, Smart Credit Decisioning, Business Intelligence, Analytics and Omni-channel Onboarding for Banks, Financial Institutions, FinTechs, B2B marketplaces, and Corporates.