Veefin Group Acquires Nityo Tech India to Enhance BFSI Digital Solutions Portfolio

Mumbai-based Veefin Group of Companies has announced the complete acquisition of Nityo Tech Pvt Ltd, a key part of Nityo Infotech Singapore’s India operations. This marks Veefin Group's second acquisition in just two months, further expanding its influence in the digital banking sector.

Nityo Infotech, the parent company, is renowned for its cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) solutions, serving over 3,000 clients across 44 countries. Meanwhile, Veefin Solutions Limited (Veefin) has established itself as a global leader in digital supply chain finance. Just in June, Veefin made headlines by acquiring a strategic stake in Mumbai-based Regime Tax Solutions.

Commenting on the acquisition, Raja Debnath, Chairman of the Veefin Group of Companies, emphasized the strategic importance of this move: “At Veefin, we have always believed that digitization is key to growth in the banking sector. This acquisition empowers us to offer an extended product suite to banks looking to digitize multiple verticals, positioning Veefin as the all-encompassing technology partner banks will ever need.”

Nityo Infotech’s operations span across various verticals, including banking, insurance, telecom, software, automotive, consumer electronics, energy, healthcare, media & entertainment, retail, and manufacturing.

With this acquisition, Veefin and its group of companies are poised to lead the ongoing digital transformation wave within the banking sector. By leveraging their existing infrastructure, they will extend their digital transformation services across various banking verticals, beyond just lending. Veefin’s robust brand presence in the banking sector will allow them to deliver a comprehensive range of services and solutions to banks within a unified ecosystem, focusing on product engineering, AI, and data.

Naveen Kumar, Founder and CEO of Nityo Infotech, expressed his enthusiasm for the acquisition: “We’re excited to finalize this acquisition with the Veefin Group. Our combined expertise will accelerate banks' digital transformation journeys. With Veefin’s strong presence in the financial sector, our reach to financial institutions is set to grow significantly within one unified ecosystem.”