Mumbai, November 5, 2024: Veefin Group has announced a major step in its global expansion by acquiring a 50% stake in Walnut, a GenAI startup based in Singapore. This all-cash deal marks Veefin’s first international acquisition and its fourth acquisition in 2024, solidifying its ambition to become the world’s leading Working Capital Finance Platform.
Walnut brings a specialized GenAI solution that enhances Veefin’s ability to serve its clients in the banking and corporate sectors. The platform uses advanced AI, ML, and NLP to transform unstructured data into actionable insights. With these capabilities, Veefin aims to streamline credit decision-making processes for its vast network of clients, numbering over 500 institutions.
Walnut, founded by Bala Iyer (CEO) and Lalit Kumar (CTO), has developed its flagship product, Vegaspread. This tool extracts and analyzes complex financial data from lengthy documents, delivering insights that help decision-makers act quickly. Walnut counts major financial players such as DBS, Bank of Singapore, Amret, and RCBC among its clients.
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Growing Demand for GenAI in India and Globally
Veefin’s acquisition of Walnut comes at a pivotal time. The GenAI market in India, valued at $1.1 billion in 2023, is projected to grow at a rapid pace, reaching $17 billion by 2030. As companies worldwide seek to enhance their tech offerings, GenAI has become a must-have for firms in finance, IT, and SaaS.
Leadership Perspective
Raja Debnath, Chairman of Veefin Group, emphasized Walnut’s strategic fit within the Veefin ecosystem. “GenAI is crucial for us as we expand our technology-driven solutions. Walnut’s expertise aligns with our mission to become the top global working capital platform,” he said.
Walnut’s CEO, Bala Iyer, shared his enthusiasm for the acquisition. “Veefin is a leader in banking tech solutions. With this partnership, we can reach new heights in credit decisioning and expand both globally and in India.”
Veefin’s acquisition spree in 2024 underlines its commitment to strengthening its foothold in working capital finance through tech-driven solutions.
