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Mumbai (Maharashtra) [India], February 21 (ANI/NewsVoir): Global Supply Chain Finance platform Veefin announced today that it has crossed USD 12Bn in annualized 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 has seen a 146 per cent Y-o-Y growth in disbursements through its SCF suite since Jan 2022.
The global market for Supply Chain Finance is estimated to be USD 14Tn. 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 has partnered with 25+ experts, each with 20+ years of experience across Banking, Financial Solutions and SCF to bolster its market outreach across these regions. Leading as Country Heads in different regions, the experts 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 uses cutting-edge technology to provide seamless integration with all existing bank systems and processes and a ready-to-deploy out-of-the-box solution to reduce the time to go-to-market. Veefin is also a pioneer in a first-of-its-kind layered financing model called 'Deep-Tier' Vendor Financing, which is the next generation of SCF as it allows Banks and Financial Institutions to go to the Tier 2 and 3-level suppliers of their existing Large Corporate customers. Raja Debnath, Co-founder & CEO, Veefin said, "SCF is the safest lending solution for Lenders to expand their SME lending portfolio. 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." In the last few years, MSMEs have been under the spotlight due to their challenges in getting timely access to finance which jeopardized many supply chains. With Banks and Financial institutions rapidly digitizing post the pandemic, emerging and developed economies alike are witnessing a huge surge in the acceptance of supply chain finance solutions. This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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