Digital supply chain finance and lending platform Veefin has acquired Singapore-based GenAI company Walnut in an all-cash deal, marking its first international purchase and fourth this year after three acquisitions in the domestic market since June of the current year.
The company said it has bought a 50 per cent stake in an all-cash deal in Walnut which offers technology solutions to banks and financial institutions to manage complex and large-scale data sets.
According to Veefin, Walnut’s GenAI capabilities to convert complex and vast amounts of unstructured data into razor-sharp insights will benefit in credit decisioning as Veefin Group builds “tech-first solutions for working capital management.”
Speaking on the latest acquisition, Raja Debnath, Chairman & Co-Founder of the Veefin Group of Companies, said “GenAI is a must-have capability for the group. Walnut thus fits in very well into the Veefin ecosystem.”
Founded in 2020, Walnut will continue to operate independently, post-acquisition. Its product Vegaspread simplifies complex financial data into insights by extracting critical information from multi-format, multi-layout, and lengthy reports such as Annual Financial Reports (AFS) including reading the Notes to Accounts within minutes.
Walnut has DBS, Bank of Singapore, Amret, and RCBC among its clients while Veefin has over 500 clients across banking, financial institutions, and corporate.
The acquisition comes at a time when the race for GenAI capabilities heats up in India and globally. Veefin said India’s GenAI market, which was estimated at $1.1 billion in 2023, is expected to grow at a CAGR of 48 per cent to reach $17 billion by 2030, as per industry reports.
“Veefin Group is a formidable force in the SaaS ecosystem and one of the most sought-after platforms for banking technology infrastructure solutions. Our product fits perfectly well into their vast ecosystem. As we set sights on expanding globally as well as in India, our ambition is to become the go-to GenAI tool for fast and intelligent credit decisioning,” said Bala Iyer, Co-founder & CEO, Walnut.
Veefin in September this year had acquired loan origination platform EpikIndifi, in August it had bought the Indian arm of global technology firm Nityo Infotech and in June the company had acquired GST compliance and accounts automation solution firm Regime Tax Solutions.