Veefin Group acquires UAE-based TradeAssets to expand its offerings
By Gloria Mathias
Veefin Group (through its subsidiary Estorifi Solutions), a global working capital technology company, has announced the acquisition of TradeAssets, a Dubai-based company specialising in digital trading of trade finance assets.
This move marks a step in the Group’s mission to become a one-stop shop for the financial needs of banks and financial institutions, enhancing their ability to manage liquidity, distribute risk, and access global markets. It is also Veefin’s fifth acquisition in the past eight months, bringing the Veefin Group to ten companies.
TradeAssets, based out of UAE, co-founded by senior ex-bankers Lakshmanan Sankaran and Sumit K Roy, creates efficiency and transparency between financial institutions, development banks, and commodity traders in the buying and selling of trade finance assets. TradeAssets revolutionises banking operations with a robust platform that facilitates the trading of trade finance assets like letters of Credit, Guarantees, Open Account payables and receivables, including Islamic products.
The acquisition is a natural fit within Veefin Group’s strategy to streamline and strengthen financial operations for institutions worldwide. By integrating TradeAssets, the group elevates its portfolio and cements its position as a key ally for banks, ushering in a new era of collaborative financial solutions.
Raja Debnath, Chairperson, Co-Founder & CEO of Veefin Group, said, “Today’s announcement is a milestone not just for Veefin Group but for the entire financial technology sector. Integrating TradeAssets into our ecosystem allows us to offer even more comprehensive solutions to global financial institutions. This move aligns with our goal to provide an integrated platform that covers all aspects of trade finance, from origination to distribution and beyond. We will continue to acquire companies to add to the Veefin Group’s ecosystem to serve our banking and corporate clients better”.
Lakshmanan Sankaran, Co-Founder & Chairman, TradeAssets, “The TradeAssets platform operates in a large market base consisting of over 10,000+ banks, with estimated secondary asset sales of $1 trillion and primary asset origination of $2 trillion. By joining the Veefin Group, we bring our expertise in trade asset distribution to a comprehensive platform that empowers banks to originate, syndicate, and manage trade finance portfolios seamlessly. Together, we would endeavour to redefine how financial institutions maximise value from their trade finance operations.”
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