Digital supply chain financier Veefin raises $3 mn in Series A funding

Veefin, a technology provider for supply chain finance (SCF), has secured $3 million funding from Dubai-based entrepreneur Rajesh Rajendran, said the company on Wednesday.

The Series A funding will be used to build product and engineering teams to enhance SCF technology based on the market’s evolving dynamics, said Veefin.

Mumbai-based Veefin, which was founded by Gautam Udani and Raja Debnath, provides financiers with the shortest implementation timelines for SCF.

“Our vision is to be the global leader in providing technology to lenders for Digital Supply Chain Financing. Our solution has been developed by bankers, for bankers and is the most comprehensive by far in the market. With this funding, we will further amplify Veefin’s feature rich platform, add further product lines, and ensure seamless customer servicing for our global clients,” said Raja Debnath, co-founder and chief executive officer of Veefin.

“Financial institutions have lately been focussing on SME lending and by virtue of that there is tremendous interest in SCF. Veefin is one of the few names globally that is putting supply chain financing under the microscope and providing relevant and smart solutions to lenders. I am glad to support this razor focused agenda of simplifying the SCF journey for corporates and lenders,” said Rajendran, the Dubai businessman.