M&A

M&A

Veefin acquires 50% stake in Singapore-based GenAI firm Walnut for $200-K

BSE Announcement   Press Release  

Publicly-listed Veefin Solutions has acquired a 50% stake in Walnut , a Singapore-based GenAI firm, for SGD 265,000 (about USD 200,000) in an all-cash deal . The target company had reported revenue of SGD 1.17 million for 2023.The acquisition will allow Veefin to use Walnut’s GenAI capabilities to help its corporate and banking clients convert large volumes of complex, unstructured data into accurate insights. It will also support Veefin’s development of tech solutions for working capital management, benefitting its credit decision-making processes.Founded in 2020 by Bala Iyer and Lalit Kumar, Walnut uses artificial intelligence (AI), machine learning (ML), and natural language processing to deploy solutions across credit, risk, KYC, and capital market operations for the financial services sector. Its clients include DBS, Bank of Singapore, Amret and RCBC.