Ujjivan Small Finance Bank & Veefin to offer SCF solutions to MSMEs
By Gloria Mathias
Ujjivan Small Finance Bank (Ujjivan SFB) has entered a strategic partnership with Veefin Solutions, a supply chain finance (SCF) solutions provider, to offer robust supply chain finance offerings to meet the working capital needs of MSMEs.
Through this partnership, Ujjivan SFB will leverage Veefin’s platform, which offers end-to-end solutions for supply chain financing. This includes supplier and vendor onboarding, credit underwriting through the Loan Origination Solution (LOS), transaction management via the Loan Management Solution (LMS), and collections handled through the Delinquency Management Solution. These components will be further complemented by comprehensive analysis facilitated by Veefin’s reporting & business intelligence solution.
A 2019 report on the MSME sector by an RBI Committee estimated the overall credit gap in the sector at Rs 20–25 lakh crore. According to another industry report, out of over 64 million MSMEs in India, only 14 per cent have access to credit.
Recognising the pivotal role of technology in addressing this credit gap, the partnership with Veefin aligns with Ujjivan SFB’s objective of extending financial solutions to MSMEs across the nation. This initiative will facilitate Ujjivan SFB to provide working capital loans to MSMEs via supply chain financing, effectively addressing the gaps left by the traditional model.
Ittira Davis, MD & CEO at Ujjivan Small Finance Bank, said, “We are happy to partner with Veefin Solutions, which will enable us to further enhance the credit accessibility needs of MSMEs, thereby strengthening our digital MSME offerings. This association will help us build on operational efficiency, thereby empowering more MSMEs to chart their growth paths.”
Raja Debnath, Managing Director of Veefin Solutions, said, “We are delighted to welcome Ujjivan Small Finance Bank to our ever-growing clientele who have embarked on their SCF journey with Veefin. Financial institutions like Ujjivan SFB play a pivotal role in expanding the SCF ecosystem, reaching out to unserved and underserved customers nationwide. Together, we are poised not only to broaden the SCF landscape but also to drive inclusive growth, reaching even the most marginalised segments of our economy.”
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