Transforming FinnUp's Debt Marketplace with Veefin's SCF Technology

Veefin Solutions, the number one technology vendor for Supply Chain Finance (SCF) in the country, is delighted to announce the addition of 'FinnUp,' a multi-lender platform, to its growing list of customers in the Fintech segment in the country.

As a leading B2B debt platform since its inception, FinnUp allows SMEs and corporates access multiple lenders on a single platform. Veefin's LOS and SCF system underwrite the borrowers and also provide lenders access to their SCF system to help digitise the SCF flow at the lender's end. This collaboration will specifically help FinnUp to partner with multiple lenders for SCF.

Raja Debnath, Managing Director of Veefin Solutions Ltd. Said, " We are pleased to be a part of FinnUp's journey as they seek to expand the pool of lenders available to SMEs for various short- and long-term loan products. Veefin's goal is to continue empowering the fintech ecosystem who are innovatively solving the access to finance problem to MSMEs."

Rahul Agarwal, Co-founder of FinnUp, said, "At FinnUp, we are dedicated to revolutionizing the debt landscape for businesses of all sizes. Our partnership with Veefin Solutions perfectly aligns with our mission of offering tailored opportunities for financial upliftment. The incorporation of Veefin's SCF technology adds a robust dimension to our platform, enabling us to deliver a more streamlined and accessible borrowing experience to our clients."

Veefin Solutions Ltd, a BSE SME listed company, has witnessed a 300% increase in demand for its Supply Chain Finance solutions from Indian and global financial institutions in FY 2023-24. The company has partnered with various new-age NBFCs, private sector banks and small finance banks for deployment of their SCF solutions.

Shares of Veefin Solutions Limited was last trading in BSE at Rs. 368.55 as compared to the previous close of Rs. 353.45. The total number of shares traded during the day was 63200 in over 74 trades.

The stock hit an intraday high of Rs. 370.00 and intraday low of 350.00. The net turnover during the day was Rs. 22937000.00.

Source : Equity Bulls

Keywords

VeefinSolutions INE0Q0M01015 ITEnabledServices FinnUp MultiLenderPlatform Fintech