The cloud-based fintech automation solution provider EpikInDifi sold its 26 percent stakes to the Fintech startup Veefin Solutions. EpikIndifi is expected to reach a valuation of Rs 12 crore following this acquisition. The company signed an agreement to buy its stakes in the startup through a cash and share swap deal. This investment will enable both fintech companies to combine their technologies and improve financial solutions with technology while expanding their services globally.
EpikIndifi is a software solution provider that enables banking or financial institutions to improve their business. The lending platform allows customers and employees to interact within cloud-based systems that claim to deliver speed, transparency, convenience, profitability, and regulatory compliance across the board. The startup aims to transform the digital platform and lending process for financial institutions and banks. This acquisition will help Veefin Solutions enhance its capability by integrating EpikInDifi’s technology, network, and experience. The deal will also enable the group to add new revenue streams through online lending across green loans, personal loans, credit cards, BNPL schemes, and SME loans with its existing heft in working capital solutions. Entrackr reported.
Veefin Solutions plans to invest over Rs 25 crore into the fintech firm in the next two to three years and acquire 100 percent of the startup’s stake while expanding its ownership for a complete acquisition. The company has acquired various companies including Regime Tax Solutions and Nityo Infotech, this marks the third acquisition of the firm. The company aims to merge these businesses and bring their technologies and solutions together. After this deal, the companies will have more innovative lending solutions, increased technical skills, and more workforce. Veefin faces competition from other lending platforms such as Kyriba, and Tauila.
The fintech startup Veefin provides SaaS pricing-based supply chain financing solutions. The firm also offers white-labeled supply chain finance technology to financial institutions, B2B marketplace, fintech, and banks. The Mumbai startup has raised over 3 million USD across one funding round since its inception. The company secured $3 million during its Series A funding round from Rajesh Rajendran. The COO of Veefin, Gautam Udani told Inc42 that the reason behind the acquisition apart from strengthening the presence in the lending sector is the higher product stack of EpikInDifi compared to Veefine’s loan origination system. The startup is the firm’s potential competitor in the future.
Conclusion :
Veefin Solutions acquired a fintech startup EpikIndifi’s 26 percent stake for an undisclosed amount. The acquisition is a step by Veefin to strengthen its market presence in the lending sector and generate more innovative financing solutions. This investment will enable the merging of both fintech companies to improve their services and technology while scaling up.
EpikIndifi provides software-based solutions to financing institutions to improve their businesses. Veefin aims to invest Rs 25 crore into the startup in around two to three years. After this cash and share swap deal, EpikIndiff is expected to reach a valuation of Rs 125 crore. One of the main reasons behind this acquisition is to remove the future competition from EpikIndifi.
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