Indian supply chain finance technology provider Veefin has acquired TradeAssets, a blockchain-powered e-marketplace for trade finance assets.

The company says in a LinkedIn post that the acquisition – carried out through its subsidiary Estorifi Solutions – “strengthens our commitment to transforming the global trade finance ecosystem and expands our presence in the Middle East”.

TradeAssets, launched in 2019, allows seller banks to list trade assets, such as letters of credit, loans and guarantees, for sale by auction to buyer financial institutions. It currently works with banks in over 35 countries, with a particular focus on the Middle East, Sub-Saharan Africa and South Asia.

This marks Veefin’s fifth acquisition in eight months, as the company aims to increase its geographic reach and product spread following its initial public offering in July 2023.

In a release, Veefin says that TradeAssets acquisition is “a natural fit within Veefin Group’s overarching strategy to streamline and strengthen financial operations for institutions worldwide”.

News of the deal boosted Veefin’s share price by 4.5% on the Bombay Stock Exchange.

“The TradeAssets platform operates in a large market base consisting of over 10,000+ banks, with estimated secondary asset sales of U$1tn and primary asset origination of US$2tn,” says Lakshmanan Sankaran, co-founder and chairman of TradeAssets.

“The trade finance industry is at a critical juncture, with banks seeking smarter ways to manage liquidity, distribute risk, and access global opportunities,” Sankaran adds.

“By joining the Veefin Group, we bring our expertise in trade asset distribution to a comprehensive platform that empowers banks to seamlessly originate, syndicate, and manage trade finance portfolios. Together, we would endeavour to redefine how financial institutions maximise value from their trade finance operations.”