India’s Veefin Solutions has taken its first step onto the global stage and it has acquired a 50% stake in Singapore-based GenAI startup Walnut. It is gradually positioning as a serious player in the competitive world of artificial intelligence (AI) in finance. Walnut specializes in advanced AI, machine learning (ML) and natural language processing (NLP) to manage vast amount of unstructured data.
Walnut was founded in 2020 and since then has built a reputation for transforming complex financial information into meaningful insights in record time. Its flagship solution Vegaspread stands out as an indispensable tool for institutions like DBS and Bank of Singapore.
Veefin chairman and co-founder Raja Debnath pointed out that GenAI is now an essential part of the fintech toolkit. Veefin could establish itself as a leader in next-gen AI for finance with Walnut under its wing.
The financial growth of Veefin has been impressive and equipped with operating revenue doubling year-over-year in Q2 FY25. It has been rapidly building a powerful ecosystem through targeted acquisitions over the past year and it includes stakes in EpikInDiFi as well as Regime Tax Solutions.
The acquisition reflects a global trend in fintech and it is that companies are increasingly seeking to utilize the power of AI to tackle complex challenges. Veefin is betting on the future of GenAI in finance by investing in Walnut and it signals that it is ready to compete on the world stage.
The bold step of Veefin into the AI-driven future illustrates a clear intent to reshape the industry arena and to utilize the transformative power of GenAI to create more efficient. The Walnut acquisition may well be Veefin’s most strategic move yet and a signal to the market that it is ready to lead the next wave of fintech innovation.
