Veefin Solutions , a leading fintech company, has announced a strategic partnership with Suryoday Small Finance Bank to implement Supply Chain Finance (SCF) lending tools. This collaboration marks a significant step in VeeFin's journey to strengthen its position as a preferred technology partner for Non-Banking Financial Companies (NBFCs) and lending institutions in India.

Partnership Details

The partnership involves the deployment of VeeFin's comprehensive SCF lending stack across Suryoday Small Finance Bank's operations. This suite includes:

1. Supply Chain Finance Loan Origination System (LOS)
2. Loan Management System (LMS)
3. Reporting Tool

These tools are designed to facilitate streamlined lending workflows and enhance analytics capabilities, potentially revolutionizing Suryoday's SCF operations.

About Suryoday Small Finance Bank

Suryoday Small Finance Bank, headquartered in Mumbai, has evolved from a microfinance NBFC into a full-fledged bank since 2017. The bank has a significant presence across 15 states and union territories in India, serving over 3.4 million customers through more than 700 banking outlets. With a workforce of 8,600 employees, Suryoday is known for its strong focus on financial inclusion and digital innovation.

The bank's commitment to digital transformation is evident from its recent accolades, including:

• Best Digital First Bank of the Year at the Bharat Fintech Summit
• Platinum Winner for Ecosystem-Led Innovation at the Infosys Finacle Innovation Awards

Implications for VeeFin Solutions

This partnership with Suryoday Small Finance Bank reinforces VeeFin Solutions' mission to accelerate digital lending adoption across India. By providing its SCF lending tools to a rapidly growing small finance bank, VeeFin is positioning itself as a key player in the fintech space, particularly in the realm of supply chain finance technology.

The collaboration is expected to cover all major SCF modules, indicating a comprehensive integration of VeeFin's technology into Suryoday's lending operations. This extensive implementation could serve as a showcase for VeeFin's capabilities, potentially attracting more NBFCs and lending institutions to its platform.

As the fintech landscape in India continues to evolve, partnerships like this between technology providers and financial institutions are likely to play a crucial role in shaping the future of digital lending and financial inclusion in the country.

Veefin Solutions Limited , a leading technology enabler in the working capital ecosystem, has successfully completed a capital infusion of ₹8.43 crore through the conversion of convertible warrants into equity shares. This strategic move, executed by the company's promoters, aims to fuel Veefin's global expansion and innovation initiatives.

Warrant Conversion Details

The Board of Directors of Veefin Solutions approved the allotment of 4,20,000 equity shares, each with a face value of ₹10, at a price of ₹267.50 per share (including a premium of ₹257.50). This allotment was made pursuant to the conversion of an equal number of warrants originally issued on March 13, 2024.

The warrant conversion was carried out by two key promoters:

Impact on Shareholding

Following the allotment, the promoters' stake in the company has seen a slight increase:

• Mr. Raja Debnath's shareholding has risen from 29.65% to 30.68%
• Mr. Gautam Udani's stake has increased from 5.60% to 5.68%

Strategic Implications

The capital infusion is expected to bolster Veefin's financial position, enabling the company to accelerate its growth strategies. Key focus areas include:

1. Platform innovation
2. International market expansion
3. Strategic consolidation initiatives

This development follows Veefin's recent announcement to consolidate its subsidiaries, Estorifi and GlobeTF, under the parent entity. The consolidation aims to unify the company's offerings across supply chain finance, digital lending, embedded finance, trade finance, and cash management.

Management Commentary

Mr. Raja Debnath, Chairman & Managing Director of Veefin Solutions Limited, commented on the development: "Veefin is entering a phase of transformative growth. This capital infusion reflects our unwavering commitment to building a global platform that delivers exceptional value to clients and stakeholders alike. It enables us to scale with purpose and set new benchmarks in the industry."

Mr. Gautam Udani, COO & Whole-Time Director, added: "This milestone reaffirms our belief in the business and its future. The additional capital equips us to move faster, innovate deeper, and strengthen our mission of digitally transforming working capital ecosystems across markets."

Company Overview

Founded in 2020, Veefin Solutions Limited is a Mumbai-headquartered fintech company offering advanced digital lending and working capital technology. The company's AI-powered, API-first platform spans various financial services, including Supply Chain Finance, Embedded Finance, Trade Finance, Cash Management, and AR/AP Automation. Veefin operates across India, South Asia, Africa, and the Middle East, serving banks, NBFCs, fintechs, and large enterprises.

As Veefin Solutions continues to expand its footprint in the global fintech landscape, this capital infusion marks a significant step towards realizing its ambitious growth plans and solidifying its position as a key player in the working capital ecosystem.