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Veefin Crosses $12 Billion In Annualised Supply Chain Finance Disbursements, Appoints Banking Experts

The tech firm offers end-to-end SCF products to help financial institutions across purchase order funding, invoice discounting, reverse factoring, factoring and distributor financing

Veefin Crosses $12 Billion In Annualised Supply Chain Finance Disbursements, Appoints Banking Experts
POSTED ON February 21, 2023 9:16 AM

Global Supply Chain Finance platform Veefin announced that it has crossed $12 billion in annualised disbursements globally, indicating widespread demand from banks and financial institutions in stepping up credit access, especially for the underserved credit population - the micro, small and medium enterprises (MSMEs). The tech firm claims that it has seen a 146 per cent year-on-year growth in disbursements through its SCF suite since January 2022.  

The global market for Supply Chain Finance is estimated to be $14 trillion. A bulk of the credit demand is being witnessed across the MSME segments from manufacturing hubs across North, East and West Africa in countries including Ghana, Zambia, Angola, Kenya and Malawi followed by Asian countries including India, Sri Lanka and Singapore, Veefin stated.

Veefin has partnered with over 25 experts, each with more than 20 years of experience across banking, financial solutions and SCF with an aim nto bolster its market outreach across these regions.   

The appointed experts will lead as country heads in different regions. It will deepen market outreach for Veefin which has built a lender-first end-to-end SCF platform covering onboarding, underwriting and SCF loan management across the entire suite of SCF products including purchase order funding, invoice discounting, reverse factoring, factoring, distributor financing and even dynamic discounting. 

Veefin offers integration with all existing bank systems and processes and a ready-to-deploy solution to reduce the time to go-to market. It also offers a layered financing model called ‘Deep-Tier’ Vendor Financing, which allows banks and financial institutions to go to the Tier II and III level suppliers of their existing large corporate customers. 

“There are significant underserved credit populations across the world, creating a phenomenal opportunity for banks and financial institutions to step up credit access to them. We are happy to be at the forefront of providing innovative, relevant and smart technology solutions to these lenders and to help them to further power the growth drivers of the economy. Now, with the introduction of Deep-Tier Financing, we intend to unlock the actual potential of SCF by aiming to triple the vendor finance portfolio of our client banks,” said Raja Debnath, co-founder and chief executive officer (CEO) of Veefin. 

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