Muthoot FinCorp selects Veefin Solutions to offer SCF operations in India

By Gloria Mathias

Muthoot FinCorp, one of India’s non-banking finance companies (NBFCs) with close to 3600 branches, has onboarded Veefin Solutions as their technology partner to begin their supply chain finance (SCF) operations in the country.

This collaboration is set to take 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 of Muthoot FinCorp Ltd. said, “Beginning our Supply Chain Finance journey is another step towards solidifying our commitment to our mission of 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 a seamless process with contemporary technology, resulting in an 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.”