The Supply Chain Financing player, Veefin will deploy this funding to globally scale product and engineering teams to cater to their ever-increasing demand
One of the global leaders in Supply Chain Finance (SCF) technology, Veefin has successfully secured $3 million in funding from Dubai-based HNI Rajesh Rajendran.
The funding received will be leveraged to build the company’s product and engineering teams which continue to enhance their strong SCF technology as per the market’s constantly evolving dynamics.
Based out of Mumbai, Veefin was co-founded by Gautam Udani and Raja Debnath. It leverages its highly configurable SCF platform to provide financiers with the shortest implementation timelines for SCF implementations. The Veefin team has been aggressively adding features to keep ahead of the demands of the market.
Thanks to the coming of age pf the company’s comprehensive and state-of-the-art digital SCF and lending suite, Veefin has signed over half of their existing enterprise clients this year itself.
Veefin’s Co-Founder & CEO, Raja Debnath states, “Our vision is to be the global leader in providing technology to lenders for Digital Supply Chain Financing. Our solution has been developed by bankers, for bankers and is the most comprehensive by far in the market. With this funding, we will further amplify Veefin’s feature rich platform, add further product lines, and ensure seamless customer servicing for our global clients”.
Rajesh Rajendran further adds, “Veefin is taking SCF and digital lending to new heights. Financial institutions have lately been focussing on SME lending and by virtue of that there is tremendous interest in SCF. Veefin is one of the few names globally that is putting supply chain financing under the microscope and providing relevant and smart solutions to lenders. I am glad to support this razor focused agenda of simplifying the SCF journey for corporates and lenders”.
2021 has been especially dynamic for the company as Veefin is currently witnessing a strong order book for the coming two quarters and a robust incoming demand of global clients, which necessitated this funding round.