Veefin acquires Singapore’s GenAI startup Walnut in all-cash deal

By Gloria Mathias

The Veefin Group of Companies has announced its first international acquisition with a 50% stake in Singapore-based GenAI company Walnut in an all-cash deal. This also marks the fourth acquisition by Veefin Group this year as the company propels itself to become the Global Working Capital Finance Platform.

With the acquisition, Walnut’s GenAI capabilities will help Veefin Group power its clients across corporates and banking to convert complex and vast amounts of unstructured data into razor-sharp insights delivered with speed and accuracy. The product offering will greatly benefit credit decisioning as Veefin Group builds tech-first solutions for working capital management. Walnut will continue to operate independently post-acquisition.

The four-year-old startup, co-founded by Bala Iyer (CEO) and Lalit Kumar (CTO), uses the latest technologies in AI, ML, and Natural Language Processing (NLP) to deploy solutions, primarily in the financial services sector (Credit, Risk, KYC, and Capital Market Operations areas). Using in-house and offline ML models, Walnut has developed its GenAI solution to expedite information extraction from lengthy documents.

The company will get a vast canvas to deploy its GenAI solutions across the Veefin Group’s 500+ clients across banking, financial institutions, and corporate.

Raja Debnath, Chairman & Co-Founder of the Veefin Group of Companies, said, “We continue to grow the Veefin Group by bringing in more and more companies into the Veefin ecosystem to leverage the massive client base that the entire group now commands. To this effect, GenAI is a must-have capability for the group. Walnut thus fits in very well into the Veefin ecosystem.  The acquisition of Walnut is part of our strategic endeavour to become the Global No. 1 Working Capital Finance Platform. Vegaspread is a one-of-its-kind solution for credit teams to fast-track decision-making by leaps and bounds.”

Bala Iyer, co-founder & CEO of Walnut, said, “Veefin Group is a formidable force in the SaaS ecosystem and one of the most sought-after platforms for banking technology infrastructure solutions. Our product fits perfectly well into their vast ecosystem. As we set sights on expanding globally as well as in India, our ambition is to become the go-to GenAI tool for fast and intelligent credit decisioning. We couldn’t have found a better growth partner in this journey.”