The Veefin Group of Companies, headquartered in Mumbai, has recently finalized the purchase of Nityo Tech Pvt Ltd, a division of Nityo Infotech Singapore's investments in India. This purchase represents the second acquisition made by the Veefin group within a short period of two months, emphasizing their strategic expansion in the market.
Nityo Infotech, the parent company of Nityo Tech, is renowned for its provision of Artificial Intelligence (AI) and Machine Learning (ML) solutions within the financial services domain, serving a vast clientele of over 3,000 global clients across 44 countries. On the other hand, Veefin Solutions Limited (Veefin) is recognized as a leader in digital supply chain finance and had recently unveiled their stake in Mumbai's Regime Tax Solutions back in June, showcasing their commitment to growth and innovation in the sector.
Chairman of the Veefin Group of Companies, Raja Debnath, expressed the company's belief in the pivotal role of digitization for banking sector advancement. This acquisition of Nityo Tech will enable Veefin to introduce a more extensive product range to banks seeking digital transformation across multiple areas, establishing Veefin as a primary technological partner for banks in their digitization journey. The acquisition positions Veefin and its subsidiaries to take the lead in driving the ongoing trend of rapid digital transformation in the banking industry, offering a wide array of digital transformation services leveraging their existing infrastructure and expertise, focusing on product engineering, AI, and data solutions.