Veefin Group takes over Nityo Tech India to strengthen BFSI digital portfolio

Mumbai-headquartered Veefin Group of Companies has fully acquired Nityo Tech Pvt Ltd, part of Nityo Infotech Singapore’s India invested business. This marks the second acquisition by the Veefin group in the past two months.

The parent company Nityo Infotech is one of the leading providers of Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector with a presence in over 44 countries and more than 3,000 clients served globally.

Veefin Solutions Limited (Veefin) is one of the global leaders in digital supply chain finance. In June, the company had announced a strategic stake in Mumbai-based Regime Tax Solutions.

On Nityo Tech’s acquisition, Raja Debnath, Chairman of the Veefin Group of Companies, said, “At Veefin, we have always believed that digitisation is crucial for growth in the banking sector. This acquisition enables us to provide an extended product suite to banks aiming to digitise multiple verticals, positioning Veefin as the sole technology partner banks will ever need.”

Nityo Infotech operates across verticals including banking, insurance, telecom, computing software, automotive, consumer electronics, energy, healthcare, media & entertainment, retail, and manufacturing.

According to the release, this acquisition positions Veefin and its group of companies to spearhead the ongoing wave of rapid digital transformation in the banking sector. Leveraging their existing infrastructure, they will extend digital transformation services across various banking verticals beyond lending. Veefin’s strong brand presence in the banking sector will enable them to offer a comprehensive range of services and solutions to banks within a unified ecosystem with a focus on product engineering, AI and Data.

Naveen Kumar, Founder & CEO of Nityo Infotech, said, “We’re thrilled to finalise this acquisition with the Veefin group. Our combined expertise will help banks accelerate their journey towards digital transformation. With Veefin’s strong presence in the financial sector, our reach to financial institutions is set to grow significantly within one unified ecosystem."