Fintech firm Veefin acquires 26% stake in EpikIndifi

Fintech firm Veefin has acquired a 26% stake in software solution provider EpikIndifi  in a cash-and-share swap deal. EpikIndifi’s valuation reached to Rs 125 crore after this deal.

This is the third acquisition by  Veefin after it acquired  Nityo Infotech and Regime Tax Solutions (which runs TaxGenie and PayInvoice) earlier this year.

EpikIndifi co-founders Rajendra Awasthi, Sushmitshri Babu and Vaidyanathan Balasubramaniam will join the Veefin Group along with their team.

The acquisition will help the group to add new revenue streams through digital retail lending across personal loans, green loans, buy-now-pay-later (BNPL) schemes, credit cards, mortgage loans and SMEs loans in addition to its existing heft in working capital solutions, Veefin said in a press-release.

According to Veefin, it is planning to invest Rs 25 crore into EpikIndifi over the next two to three years, and expand their ownership in the company for a complete acquisition.

Launched in 2018, EpikIndifi offers banks and financial institutions a range of solutions to help them improve their business. The company’s loan origination platform streamlines all customer and employee interactions within a cloud-based system and claims to deliver the speed, convenience, optimizing efficiency, transparency, profitability, and regulatory compliance across the board.

Co-founded in 2020 by Raja Debnath and Gautam Udani, Veefin Provides SaaS pricing-based supply chain financing solutions and white-labeled supply chain finance technology to financial institutions, fintech, B2B marketplaces, and corporates across the globe. It offers a full-stack platform offering anchor, vendor, and dealer onboarding, credit underwriting, and transaction management services across the broadest range of SCF products.

The platform raised $3 million in December 2021.