Veefin Group of Companies has acquired a 100% stake in Nityo Tech Pvt Ltd, which is the Indian subsidiary of Nityo Infotech Singapore, through one of its subsidiaries. Veefin plans to expand its digital transformation services across various banking sectors beyond lending by utilizing Nityo’s existing infrastructure and its expertise in AI and machine learning solutions.
With a strong brand presence, Veefin aims to deliver a comprehensive range of services and solutions within a unified ecosystem, with a focus on product engineering, AI, and data.
Raja Debnath, Chairman of the Veefin Group of Companies, expressed enthusiasm about the acquisition, stating that it aligns with Veefin’s belief in the importance of digitization for growth in the banking sector. He emphasized that this acquisition will enable Veefin to offer an extended product suite to banks aiming to digitize various verticals, positioning the company as a key technology partner for banks.
Nityo Infotech, which operates in over 44 countries and serves more than 3,000 clients, provides AI and ML solutions in the financial services sector. It works across more than 15 verticals, including banking, insurance, telecom, computing software, automotive, consumer electronics, energy, healthcare, media and entertainment, retail, and manufacturing.
Earlier in June, Veefin acquired Mumbai-based Regime Tax Solutions, which specializes in advanced GST compliance and automation for accounts payable and receivable. Veefin plans to integrate Regime’s flagship solutions, TaxGenie and PayInvoice, into its supply chain technology platform designed for banks and financial institutions.
