Veefin, a global supply chain platform, recently announced that it has crossed $12 billion in annualised disbursements worldwide, indicating that banks and other financial institutions are under demand to extend credit access, particularly for MSMEs (micro, small and medium enterprises) as well as other underserved credit populations. The tech firm has seen a 146 per cent year-over-year (Y-O-Y) growth in disbursements through its SCF suite since 22 January. The global market for supply chain finance is estimated to be 14 trillion. The majority of loan demand for the MSME segments is coming from industrial hubs across North, East and West Africa in countries including Zambia, Kenya, Angola, Ghana and Malawi followed by Asian countries including, Singapore, India and Sri Lanka.
The global market for supply chain finance is estimated to be 14 trillion
In order to expand its market reach in these regions, Veefin Solutions has worked with over 25 industry experts, each of which has over 20 years of expertise in Banking, Financial Solutions, and SCF. Leading as country heads in different regions, The experts will expand market outreach for Veefin solutions, which have built a Lender-first, end-to-end SCF platform covering Onboarding, Underwriting, and SCF Loan management across the entire suite of SCF products, including Purchase Order Funding, Factoring, Reverse Factoring, Distributor Financing, Invoice Discounting, and even Dynamic Discounting. In order to reduce the time to market, the company uses cutting-edge technology to provide seamless interaction with all current bank systems and processes and a ready-to-deploy out-of-the-box solution.
The majority of loan demand for the MSME segments is coming from industrial hubs across North, East and West Africa
Co-founder and CEO (Chief Executive Officer) of Veefin solutions, Raja Debnath said that The safest and most effective way for lenders to increase their SME lending portfolio is through SCF. Globally, there are huge populations of people who don’t deserve credit, which presents a fantastic opportunity for financial institutions and banks to open credit access to them. We are excited to be leading the charge in offering these lenders cutting-edge, intelligent technological solutions that will help them fuel the economic growth engines even more. Now that deep-tier financing has been implemented, we aim to triple the vendor finance portfolio of our client banks in order to realise the full potential of SCF.