Veefin Solutions, a Mumbai-based supply chain finance (SCF) and digital lending technology company, is broadening its product suite offering and geographical reach after making its debut on the Bombay Stock Exchange Small and Medium Enterprises (BSE SME) platform.

Initially priced at INR82 (US$1) per share for proceeds of approximately US$5.7mn, Veefin’s stock listed at a 4.9% premium at its oversubscribed July 5 launch. It will use the capital from the public offering to further enhance its technology platform, develop additional innovative products and broaden its client base both domestically and internationally.

Established in 2017, Veefin provides white-labelled financial technology to banks and non-bank financiers. Its product offerings include a modular SCF platform solution which it says caters to all standard structures, including receivables discounting, payables finance, factoring and deep-tier supplier finance, and covers the end-to-end process from client onboarding to collections management.

Its current clients are primarily banks operating in India, including Yes Bank, IndusInd Bank, Indian Bank and Ujjivan Small Finance Bank. Non-bank clients include Aditya Birla Capital, Mintifi and Ambit Finvest. In its investor prospectus, Veefin adds that its international clients include City Bank, VP Bank, Riyadh Bank and Bahrain Development Bank.

Speaking to GTR, Raja Debnath, the company’s co-founder and managing director, says the company aims to use the capital infusion to expand into other geographies “in a bigger way”.

“In terms of our geographical reach, we are strongest in South Asia, the Middle East and Africa,” he says. “This funding gives us more marketing muscle so we can take our solutions to the next level.”

Debnath adds that Veefin aims to leverage the expertise it has built up in the South Asian market to bring more trade finance liquidity into underserved markets. “These are more price-sensitive markets, so having big box, multi-million-dollar tech doesn’t fly. With our business model, we are able to give access to more players who have never done supply chain finance lending before, in a matter of weeks rather than months.”

The company will also use the funds to build out new functionalities for its platform to respond to the changing requirements of financiers. A key area of focus is embedded finance – an area Veefin has already begun to address following the development of an integrated SCF infrastructure for one of Bangladesh’s largest corporates, which brought multi-bank financing directly into the company’s enterprise resource planning system.

“We’re getting a lot of demand from our banking partners because they increasingly want to go beyond plain vanilla SCF,” Debnath tells GTR. “We are now developing new product features and new modules, which requires upfront investment from us.”