Veefin Group raises $16m to fuel product innovation and acquisitions

By Gloria Mathias

The Veefin Group of Companies, a technology partner for banks, financial institutions, and corporates in providing working capital solutions, has completed a $16 million (INR 136 crore) funding round.

The fund, raised from capital market investors, will be primarily focused on fostering growth, scaling its products, and expanding its footprint. This investment will fuel Veefin Group’s rapid global expansion and solidify its position as the global working capital technology platform.

The group also announced that it will raise an additional $18 million (INR 155 crore) in its next funding round in FY25. This round will accelerate the growth of Veefin’s innovative product portfolio, positioning the company as the working capital technology platform of choice and a trusted partner for clients.

It will also accelerate business expansion across its recently acquired companies: Regime Tax Solutions (Tax Genie), Epikinidifi (ezee.ai), Nityo Infotech (India arm), & Singapore-based Walnut.AI.

Gautam Udani, Co-Founder and COO of the Veefin Group of Companies said, “This marks a significant step in the Veefin Group’s journey of innovation and growth. The trust and continued support from our investors reflect our proven track record of delivering state-of-the-art transformative solutions for banks, financial institutions, and corporates. We will remain steadfast in our commitment to being the most trusted partner for digital transformation for our domestic and global clients.”

The funding round included Veefin Group investors, who have been integral to the company’s growth since its inception.

Veefin Group has partnered with 500+ clients, including financial institutions, corporates and governments, as well as marquee names like DBS Bank, IBM, Jio Finance Limited, Exonn Mobil, Yes Bank, Kafalah, PSB Alliance, and Riyad Bank.