Veefin Acquires Strategic Stake In Regime Tax Solutions

Veefin Solutions has acquired a strategic stake in Mumbai-based Regime Tax Solutions. This acquisition integrates Regime's GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin's platform, enabling banks and financial institutions to offer a solution combining supply chain finance with GST compliance and invoice processing.

Veefin’s Managing Director Raja Debnath, CFO Payal Maisheri, and Director Afzal Modak will join Regime’s board. Rakesh Dube, CEO of Regime, will continue to lead the company. Last year, over 200 corporates used PayInvoice to process invoices worth Rs 65,000 crore, while TaxGenie facilitated GST filings for over 1,000 corporate GSTINs.

This partnership aims to enhance accounts receivable (AR) and accounts payable (AP) capabilities for corporate clients, providing financial institutions with tools to manage financial and tax compliance procedures effectively.

Raja Debnath, Managing Director of Veefin, commented, "Our long-standing commitment to democratize 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 for 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."

"This partnership marks a significant step forward in our mission to empower financial institutions with cutting-edge solutions. 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," added Afzal Modak, Director at Veefin.

Rakesh Dube, CEO at 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. Together with Veefin, we aim to empower companies all over the world to effectively navigate complicated regulatory environments and realize their greatest potential for expansion.”