Veefin Solutions Sees 300% Surge in Supply Chain Finance Demand

New Delhi, Jan 23 (PTI) Veefin Solutions on Tuesday said it has witnessed a 300 per cent increase in demand for its supply chain finance solutions from Indian and global financial institutions in the current fiscal.

New-age Non-Banking Financial Companies (NBFCs), various private sector banks like State Bank of Mauritius, Muthoot Fincorp, Aditya Birla Finance, YES Bank, IDFC FIRST Bank, Central Bank of India, and small finance banks like Ujjivan and AU have signed up with Veefin, the company said in a statement.

"Every credit provider in the market today recognises the importance of supply chain finance to better serve the MSME ecosystem," Veefin Solutions Managing Director Raja Debnath said in the statement.

The supply chain finance solutions supported on Veefin's platform include sales invoice discounting, purchase invoice discounting, factoring, reverse factoring, dynamic discounting, distributor financing, inventory financing and deep tier vendor financing, the company said.

All variants of MSME loan products, including term loan, overdraft, loan against property, other collateral-based loans, and Mudra loans, are also offered through the platform, it said.