Veefin Group acquires Nityo Tech to lead digitisation of the BFSI sector

By Gloria Mathias

The Veefin Group of Companies has announced its latest acquisition via one of its subsidiaries, acquiring 100% of Nityo Tech, which is Nityo Infotech Singapore’s India-invested business.

This marks the second acquisition by the Veefin Group in the past two months. The parent company, Nityo Infotech, provides Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector. It has a presence in over 44 countries and serves more than 3,000 clients globally.

Nityo Infotech operates in 15+ verticals, including Banking, Insurance, Telecom, Computing Software, Automotive, Consumer Electronics, Energy, Healthcare, Media and entertainment, Retail, and manufacturing.

This acquisition positions Veefin and its group of companies to spearhead the ongoing wave of rapid digital transformation in the banking sector. Leveraging their existing infrastructure, they will extend digital transformation services across various banking verticals beyond lending. Veefin’s significant brand presence in the banking sector will enable them to offer a comprehensive range of services and solutions to banks within a unified ecosystem with a focus on product engineering, AI and Data.

Raja Debnath, Chairman of the Veefin Group of Companies, stated, “We are pleased to welcome Nityo Infotech to our expanding portfolio of offerings. At Veefin, we have always believed that digitisation is crucial for growth in the banking sector. This acquisition enables us to provide an extended product suite to banks aiming to digitise multiple verticals, positioning Veefin as the sole technology partner banks will ever need.”

Naveen Kumar, Founder & CEO of Nityo Infotech, said, “We’re thrilled to finalise this acquisition with the Veefin group. Our combined expertise will help banks accelerate their journey towards digital transformation. With Veefin’s strong presence in the financial sector, our reach to financial institutions is set to grow significantly within one unified ecosystem.”