Veefin Solutions Expands Portfolio with Regime Tax Solutions Integration

On June 18, 2024, Veefin Solutions Limited informed in a stock exchange filing about a strategic stake in Mumbai-based Regime Tax Solutions. The company stated that it will expand its product portfolio by strategically integrating two key solutions, TaxGenie and PayInvoice, from Regime into its supply chain technology platform for banks and financial institutions.

With more than 50 financial entities clientele, Veefin provides a comprehensive end-to-end supply chain finance platform. This integration marks a pioneering initiative in the industry, enabling banks and financial institutions to offer a unified solution encompassing supply chain finance, GST compliance, and invoice matching and reconciliation.

As part of this collaboration, Raja Debnath, Managing Director, Payal Maisheri, CFO, and Afzal Modak, Director of Veefin, will join the board of Regime. Rakesh Dube, CEO of Regime, will continue to lead the company alongside its flagship products.

In the previous year, PayInvoice was instrumental in processing invoices totalling over ₹65,000 crore for more than 200 corporates. Meanwhile, TaxGenie, a leading GST compliance automation tool, handled filings for over 1,000 corporate GSTINs and supported over 10,000 corporate mandates during the fiscal year 2023-24.

Speaking of this development, the Managing Director at Veefin, Raja Debnath, said, “Our long-standing commitment to democratise access to supply chain finance and offer seamless digital lending for financial institutions has driven us to continually enhance our offerings. Our stake in Regime Tax Solutions perfectly aligns with our vision to help financial institutions have the best of SCF technology that allows them to solve the real problems that their corporate clients grapple with. With the new product integration, banks and financial institutions will have enhanced capabilities to solve the AR/AP issues faced by Corporates and ultimately provide a superior experience to their customers.”

Afzal Modak, Director at Veefin, stated that this collaboration marks a significant step forward in their mission to empower financial institutions with cutting-edge solutions. He added, “Integrating Regime Tax’s intelligent financial management solutions will enhance our ability to serve banks as we connect the money flow layer with the underlying GST data flow layer.”

Rakesh Dube, CEO of Regime Tax Solutions, stated, “Our goal is to establish ourselves as the go-to worldwide platform for financing, compliance, and AR/AP automation. This partnership with Veefin will enable us to transform how companies handle their financial and tax compliance procedures by offering seamless integration, cutting-edge technologies, and unmatched efficiency.”

He added that with Veefin, they aim to empower companies worldwide to effectively navigate complicated regulatory environments and realise their greatest potential for expansion.

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