Veefin acquires Nityo Tech to expand digital banking services
Veefin said it will extend its digital transformation services across various banking verticals beyond lending by leveraging Nityo's existing infrastructure and its expertise in AI and ML solutions.
Veefin Group of Companies has acquired a 100% stake in Nityo Tech Pvt Ltd, the India arm of Nityo Infotech Singapore, through one of its subsidiaries.
In a statement, Veefin said it will extend its digital transformation services across various banking verticals beyond lending by leveraging Nityo's existing infrastructure and its expertise in AI and ML solutions.
With a strong brand presence, Veefin aims to offer a comprehensive range of services and solutions within a unified ecosystem, focusing on product engineering, AI, and data.
"We are pleased to welcome Nityo Infotech to our expanding portfolio of offerings. At Veefin, we have always believed that digitisation is crucial for growth in the banking sector. This acquisition enables us to provide an extended product suite to banks aiming to digitise multiple verticals, positioning Veefin as the sole technology partner banks will ever need," said Raja Debnath, Chairman of the Veefin Group of Companies.
Nityo Infotech, with a global presence in over 44 countries and serving over 3,000 clients, offers AI and ML solutions in the financial services sector.
It operates across 15+ verticals, including banking, insurance, telecom, computing software, automotive, consumer electronics, energy, healthcare, media and entertainment, retail, and manufacturing.
Earlier in June, the supply chain finance company acquired Mumbai-based Regime Tax Solutions, a firm specialising in advanced GST compliance and accounts payable and accounts receivable automation.
Veefin had announced plans to enhance its product offerings by incorporating Regime's two flagship solutions, TaxGenie and PayInvoice, into its supply chain technology platform designed for banks and financial institutions.
Edited by Suman Singh