Veefin Group acquires Nityo Tech to enhance its BFSI tech portfolio

Mumbai-headquartered Veefin Group of Companies (Veefin) which operates in the supply chain finance space on Tuesday said that the company has fully acquired Nityo Tech Pvt Ltd, part of 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 is one of the leading providers of Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector with a presence in over 44 countries and more than 3,000 clients served globally.

Nityo Infotech operates across 15 verticals, including Banking, Insurance, Telecom, Computing Software, Automotive, Consumer Electronics, Energy, Healthcare, Media & Entertainment, Retail, and Manufacturing.

On June 18, the company announced a strategic stake in Mumbai-based Regime Tax Solutions. The company said that the acquisition will allow Veefin to integrate Regime's TaxGenie and PayInvoice solutions into its platform, which will include GST compliance and accounts automation. The integration will allow banks and financial institutions to offer a solution that combines supply chain finance (SCF) with transaction data from GST compliance and invoice payment.

On Nityo Tech’s acquisition, Raja Debnath, Chairman of the Veefin Group of Companies, said, “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.”

Nityo Infotech operates across verticals including banking, insurance, telecom, computing software, automotive, consumer electronics, energy, healthcare, media & entertainment, retail, and manufacturing.

According to the release, 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 strong brand presence in the banking sector will enable it to offer a comprehensive range of services and solutions to banks within a unified ecosystem with a focus on product engineering, AI, and data.

Naveen Kumar, Founder & CEO of Nityo Infotech, said that the combined expertise will help banks accelerate their journey towards digital transformation.

In January, Veefin reported a substantial 300% surge in demand for its supply chain finance solutions from both Indian and global financial institutions in the current fiscal year. The company highlighted that new-age Non-Banking Financial Companies (NBFCs), along with private sector banks such as State Bank of Mauritius, Muthoot Fincorp, Aditya Birla Finance, YES Bank, IDFC FIRST Bank, and small finance banks like Ujjivan and AU, have partnered with Veefin.