Muthoot Fincorp Partners with Veefin for SCF Operations

Muthoot FinCorp, one of India’s leading Non-Banking Finance Companies (NBFCs) with close to over 3600 branches has onboarded Veefin Solutions as their technology partner to begin their Supply Chain Finance (SCF) operations in the country taking yet another step towards its endeavour of empowering its branches across India. Through this integration, Muthoot Fincorp will deploy Veefin’s global first, end-to-end stack across all SCF products.

Veefin will empower Muthoot FinCorp by offering its comprehensive suite of Supply Chain Finance (SCF) solutions. This includes onboarding suppliers and vendors, underwriting their loans on the Loan Origination Solution (LOS) and managing transactions on the Loan Management Solution (LMS). All of these are eventually complemented by comprehensive analysis using Veefin’s Reporting & Business Intelligence solution.

Shaji Vargese, CEO - Muthoot FinCorp Ltd, said “Beginning our Supply Chain Finance journey is another step towards solidifying our commitment to our mission in providing timely credit to millions of MSME entrepreneurs in the country. Supply Chain Finance is the need of the hour to help MSMEs borrow using the safest form of lending possible today to avail credit customised to their requirements. I’m sure joining hands with Veefin Solutions will ensure seamless process with contemporary technology resulting in enhanced customer experience.

Raja Debnath, Managing Director, Veefin Solutions Ltd, said “We are excited to partner with Muthoot FinCorp, a leading player in the NBFC space, and I hope this partnership will help us become one of the largest players within the Supply Chain Finance market in the country. I'm sure with Muthoot FinCorp's expertise and experience, we can enter the untapped market of MSMEs through supply chain financing.”