Mumbai-based Veefin Group of Companies has fully acquired Nityo Tech Pvt Ltd, part of the Indian investment business of Nityo Infotech Singapore. This is the second acquisition by Veefin Group in the past two months.
Parent company Nityo Infotech is one of the leading providers of artificial intelligence (AI) and machine learning (ML) solutions in the financial sector, with a presence in over 44 countries and serving over 3,000 clients globally.
Veefin Solutions Limited (Veefin) is a global leader in digital supply chain finance. In June, the company announced a strategic stake in Mumbai-based Regime Tax Solutions.
Speaking about the acquisition of Nityo Tech, Raja Debnath, President, Veefin Group of Companies, said, “At Veefin, we have always believed that digitalization is critical to growth in the banking sector. This acquisition enables us to offer a comprehensive suite of products to banks looking to digitize multiple verticals, positioning Veefin as the only technology partner banks will ever need.”
Nityo Infotech operates in verticals including banking, insurance, telecommunications, computer software, automotive, consumer electronics, energy, healthcare, media and entertainment, retail and manufacturing.
According to the announcement, this acquisition positions Veefin and its group of companies as pioneers in the ongoing wave of rapid digital transformation in the banking sector. By leveraging its existing infrastructure, it will extend its digital transformation services to various banking verticals beyond lending. Veefin’s strong brand presence in the banking sector will enable them to offer banks a comprehensive range of services and solutions within a unified ecosystem, with a focus on product engineering, artificial intelligence and data.
Naveen Kumar, Founder and CEO, Nityo Infotech, said, “We are delighted to complete this acquisition with Veefin Group. Our combined experience will help banks accelerate their digital transformation. With Veefin’s strong presence in the financial sector, our reach among financial institutions will significantly increase within a unified ecosystem.”