In a landmark move, Veefin Group of Companies has announced its first international acquisition—a 50% stake in Singapore-based GenAI company Walnut. This all-cash acquisition marks Veefin’s fourth purchase this year, accelerating its ambitious journey to become the world’s leading Working Capital Finance Platform.

The acquisition brings Walnut’s advanced GenAI capabilities into Veefin’s ecosystem, enabling it to better support its corporate and banking clients. By leveraging Walnut’s technology, Veefin aims to transform unstructured data into actionable insights with unprecedented speed and precision—a game-changer for credit decisioning within the working capital management sector. Walnut, founded just four years ago by Bala Iyer (CEO) and Lalit Kumar (CTO), has developed cutting-edge AI, ML, and Natural Language Processing (NLP) solutions tailored to financial services, specifically in Credit, Risk, KYC, and Capital Market Operations.

“Walnut is the perfect addition to the Veefin ecosystem,” shared Raja Debnath, Chairman & Co-Founder of Veefin Group of Companies. “We continue to grow by bringing innovative companies into our fold, leveraging the expansive client base the group commands. For us, GenAI is an essential capability, and Walnut’s technology aligns seamlessly with our goal to become the Global No. 1 Working Capital Finance Platform. Their Vegaspread solution is a one-of-its-kind offering that empowers credit teams to make faster, more accurate decisions.”

Through this acquisition, Walnut will have the opportunity to deploy its GenAI solutions across Veefin’s 500+ clients in the banking, financial, and corporate sectors, expanding its influence and application potential in significant ways. Despite the acquisition, Walnut will continue to operate independently, allowing the startup to maintain its innovative culture while scaling its solutions.

Bala Iyer, CEO of Walnut, expressed enthusiasm about the partnership, saying, “Veefin Group is a formidable force in the SaaS ecosystem and one of the most sought-after platforms for banking technology infrastructure solutions. Our product fits perfectly within their vast ecosystem. As we expand globally and in India, our ambition is to become the go-to GenAI tool for fast and intelligent credit decisioning. We couldn’t have found a better growth partner in this journey.”