banking technology

In a strategic international expansion, digital supply chain finance platform Veefin has acquired Singapore-based GenAI startup Walnut in an all-cash deal—its fourth acquisition this year and first overseas. Known for its innovative data management solutions for banks and financial institutions, Walnut will continue operating independently post-acquisition. Veefin’s purchase of a 50% stake solidifies its footprint in GenAI, integrating Walnut’s Vegaspread technology, which rapidly converts complex financial data into actionable insights. This acquisition not only enhances Veefin’s GenAI offerings but also aligns with its mission to advance credit decisioning and working capital management for its extensive client base of over 500 global banks and institutions. Walnut’s Co-Founder & CEO, Bala Iyer, expressed excitement, noting that Walnut’s products are “a perfect fit for Veefin’s SaaS ecosystem,” as they work to expand globally and within India. Chairman Raja Debnath emphasized the importance of GenAI for Veefin’s ecosystem, pointing to the burgeoning demand for AI solutions. This acquisition follows Veefin’s recent domestic purchases, including GST compliance firm Regime Tax Solutions, tech solutions provider Nityo Infotech’s India arm, and the loan platform EpikIndifi. Veefin is well-positioned in the rapidly growing GenAI market, projected to reach $17 billion in India by 2030. Source: startupstorymedia Photo Credit: startupstorymedia