VeeFin Expands Digital Banking Footprint with Nityo Tech Acquisition
2 Sources
2 Sources
[1]
Veefin expands digital banking footprint with Nityo Tech acquisition
The Veefin Group of Companies has acquired Nityo Tech, the Indian arm of Singapore-based Nityo Infotech, through one of its subsidiaries. This marks Veefin's second acquisition in two months. Veefin Solutions' shares were trading at ₹526.50, up by ₹17.30 (3.40 per cent) on BSE at around 11:30 am. The acquisition aims to enhance Veefin's digital transformation services in the banking sector, extending beyond lending to multiple banking verticals. Veefin plans to leverage its brand presence to offer a comprehensive range of services within a unified ecosystem, focusing on product engineering, AI and data. Raja Debnath, Chairman of Veefin Group, 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." SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on August 13, 2024
[2]
Veefin Group Buys Nityo Tech To Fuel Its BFSI Portfolio
This strategic move positions Veefin to compete more effectively in the financial technology sector, particularly in supply chain finance and digital lending. Mumbai-based Veefin Group of Companies has bought Nityo Tech Private Limited, part of Nityo Infotech Singapore's India-invested business, in an all-cash deal to expand its digital services in banking, financial services and insurance (BFSI) sector. However, the company did not disclose the financial terms of the deal. Nityo Tech is a provider of artificial intelligence and machine learning solutions and operates across 15 verticals including insurance, telecom and healthcare. It claims to serve 3,000 clients across 44 countries. With this acquisition, the company plans to leverage its infrastructure to offer services to banks, focused on product engineering, artificial intelligence and data. Raja Debnath, chairman of Veefin, said, "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." Veefin competes against the likes of Veritas Finance, CapitalSetu, CashFlo, and Vayana Network in the financial technology sector. It offers solutions in supply chain finance (SCF) and digital lending, with products for financial operations.
Share
Share
Copy Link
VeeFin Group, a leading fintech company, has acquired Nityo Tech to strengthen its position in the digital banking sector. This strategic move aims to enhance VeeFin's BFSI portfolio and accelerate its growth in the industry.
VeeFin's Strategic Acquisition
VeeFin Group, a prominent player in the fintech industry, has made a significant move by acquiring Nityo Tech, a company specializing in digital banking solutions. This acquisition marks a crucial step in VeeFin's expansion strategy, particularly in the digital banking sector
1
.Enhancing BFSI Portfolio
The primary objective behind this acquisition is to bolster VeeFin's Banking, Financial Services, and Insurance (BFSI) portfolio. By integrating Nityo Tech's expertise and technologies, VeeFin aims to offer more comprehensive and innovative solutions to its clients in the financial sector
2
.Nityo Tech's Contributions
Nityo Tech brings valuable assets to the table, including its digital banking platform and a team of skilled professionals. The company's solutions are designed to streamline banking operations and enhance customer experiences in the digital realm. This acquisition is expected to significantly boost VeeFin's capabilities in delivering cutting-edge financial technology solutions
1
.Market Impact and Growth Prospects
The merger is anticipated to create a stronger entity in the fintech landscape, combining VeeFin's existing strengths with Nityo Tech's specialized offerings. This strategic move is likely to position VeeFin more competitively in the rapidly evolving digital banking market
2
.Industry Trends and Future Outlook
This acquisition reflects the broader trend in the fintech industry, where companies are increasingly looking to expand their service offerings through strategic partnerships and acquisitions. As digital banking continues to gain prominence, such consolidations are expected to become more common, driving innovation and improving service delivery in the financial sector
1
2
.Related Stories
Leadership Perspectives
While specific statements from the leadership of both companies were not provided in the sources, it can be inferred that this move aligns with VeeFin's long-term growth strategy. The acquisition is likely viewed as a step towards enhancing the company's market position and expanding its technological capabilities in the digital banking space
1
2
.Implications for Customers and Stakeholders
For customers and stakeholders of both VeeFin and Nityo Tech, this acquisition promises the potential for more robust and diverse financial solutions. Clients can expect a wider range of services and potentially improved digital banking experiences as a result of this merger
2
.References
Summarized by
Navi
[2]
Related Stories
Yudiz Solutions Acquires Majority Stake in ABCM App, Expands into Fintech Sector
12 Sept 2024
M2P Fintech Raises ₹650 Crore in Series D Funding, Eyes Expansion and Acquisitions
24 Sept 2024
VuNet Systems Raises INR 60 Crore in Series B Funding for AI-Powered Business Observability Platform
23 Jan 2025•Business and Economy
Weekly Highlights
1
Nvidia Reaches Historic $5 Trillion Valuation Amid Growing AI Investment Concerns
Business and Economy
2
OpenAI Eyes Potential $1 Trillion IPO Amid Massive Losses and Infrastructure Spending
Business and Economy
3
Apple Finalizes $1 Billion Annual Deal with Google to Power AI-Enhanced Siri
Business and Economy
Weekly Highlights
Today's Top Stories
Your Daily Dose of Curated AI News
Don’t drown in AI news. We cut through the noise - filtering, ranking and summarizing the most important AI news, breakthroughs and research daily. Spend less time searching for the latest in AI and get straight to action.
