Funding Alert
Supply Chain Financing Startup Veefin raises $3 million in its Series A round of funding
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ByTejika Bajaj | December 23, 2021
The supply chain financing startup Veefin recently announced that it has raised $3 million in its series A round of funding from a Dubai-based entrepreneur Rajesh Rajendran.
As per the statements given by company officials, the financing startup aims to utilize the recently infused capital to build its product and engineering teams in an attempt to enhance its SCF technology based on the market’s evolving dynamics.
Talking about the recent round of fundraises and the implications of the same, the co-founder and CEO of Veefin, Raja Debnath said, “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.”
Mumbai-based Veefin, which was founded by Gautam Udani and Raja Debnath, provides financiers with the shortest implementation timelines for SCF.
“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.
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