Veefin Group acquires TradeAssets to expand working capital ecosystem
This acquisition marks Veefin's fifth in the past eight months, increasing the total number of companies under the Veefin Group to ten.
Veefin Group, through its subsidiary Estorifi Solutions, has acquired TradeAssets, a Dubai-based company operating in digital trading of trade finance assets.
The acquisition is part of the company’s strategy to streamline and strengthen financial operations for institutions worldwide, according to a statement shared by the company.
“Integrating TradeAssets into our ecosystem allows us to offer even more comprehensive solutions to global financial institutions. This move aligns with our goal to provide an integrated platform that covers all aspects of trade finance, from origination to distribution and beyond. We will continue to acquire companies to add to the Veefin Group’s ecosystem to better serve our banking and corporate clients,” said Raja Debnath, Chairperson, Co-founder and CEO, Veefin Group.
Apart from the integrated offerings, which will allow banks to originate, distribute, and manage trade finance assets seamlessly under one unified ecosystem, the acquisition also enhances collaboration with banks, the company said. The acquisition will also provide cross-selling opportunities.
This acquisition marks Veefin's fifth in the past eight months, increasing the total number of companies under the Veefin Group to ten.
“The TradeAssets platform operates in a large market base consisting of over 10,000+ banks, with estimated secondary asset sales of $1tn and primary asset origination of $2tn. The trade finance industry is at a critical juncture, with banks seeking smarter ways to manage liquidity, distribute risk, and access global opportunities,” said Lakshmanan Sankaran, Co-founder & Chairman, TradeAssets.
“By joining the Veefin Group, we bring our expertise in trade asset distribution to a comprehensive platform that empowers banks to seamlessly originate, syndicate, and manage trade finance portfolios. Together, we would endeavour to redefine how financial institutions maximize value from their trade finance operations,” he added.
In three years, TradeAssets had handled more than $4 billion in deals, and connected over 120 banks across 35 countries.
Edited by Megha Reddy