India’s Leading BFSI & FinTech Companies 2024

[ BRANDED CONTENT ] About PSB Alliance: The Public Sector Bank Alliance, also known as the “PSB Alliance”, is a consortium of 12 public sector banks in India, with each bank holding an 8.33% stake in the company. Collectively, these banks represent approximately 60% of the banking assets and have a network of over 86,000 branches. The primary mission of the PSB Alliance is to procure innovative products and services to be consumed by all public sector banks, aiming to serve nearly half of the country’s 1.4 billion population. About Veefin: Veefin Solutions Ltd is a global leader in Supply Chain Finance Technology and Digital Lending Solutions. Serving clients worldwide, including Financial Institutions, Corporates, Governments, B2B Marketplaces, and Fintechs, Veefin was the first globally to offers an all-in-one SCF stack across all SCF products. Annually disbursing over $15 billion and averaging $1.2 billion monthly disbursements across all clients, Veefin is listed on the BSE SME exchange and headquartered in Mumbai with a team of 240+ members. Premise: Over 250 platforms (catering to millions of MSMEs) that include B2B Marketplaces, fintechs, e-invoicing platforms, account service providers, etc, wish to provide financing options to their customers through banks, however, it is difficult for the banks to onboard, negotiate, and integrate with as many platforms. So, hundreds of integrations will be needed for both the platforms and the banks to actually connect with each other and therefore the market hasn’t seen as many integrations as one would imagine considering the sheer numbers of both sides. Veefin’s Solution & Expected Outcome • After a rigorous RFP process, the PSB Alliance awarded Veefin an exclusive contract to provide the Digital lending and SCF technology needed for this venture, and manage the entire business of onboarding, integration and day to day management of this ecosystem connecting all the paltforms with all lenders in the country. • This platform would connect to all third-party APIs, enrich the applications, and assist the lenders in credit underwriting and SCF loan management. • This platform will become the common technology bridge for public sector banks, private sector banks, MNC banks, and NBFCs to source and provide supply chain finance and small business loans making this arguably the largest such ecosystem in the world. • Veefin’s unified digital platform will standardize all interactions and enrich the credit requests with third party APIs while connecting the lenders’ core banking systems to the platform. • It is estimated that in the third year of operations, this platform would originate credit proposals upwards of INR 1lac Cr! PSB ALLIANCE & VEEFIN – BUILDING THE WORLD’S LARGEST UNIFIED SCF PLATFORM [ BRANDED CONTENT ] V E E F I N Dun & Bradstreet