Select Africa taps Veefin's digital lending suite for tech transformation

Select Africa, a financial institution in South Africa, on Monday, announced a partnership with Veefin Solutions Ltd, a supply chain fintech startup that listed on the BSE’s SME platform last year, to drive its digital transformation across multiple countries in South and East Africa. This collaboration, would help Select Africa’s further focus on the unbanked segment and enable easier access to financial services, the Mumbai-headquartered firm said in a statement.

Through this partnership, Select Africa will utilise Veefin Solutions’ end-to-end stack, including onboarding, loan origination system, loan management system, reporting solution, and collections management system, to streamline its lending operations, deliver digital-first customer experiences, and foster innovation across its financial product offerings.

The multi-country rollout of Veefin’s Digital Lending Suite will also enable Select Africa to expand its market presence into new geographies, drive technology-led financial inclusion, and cater to a segment often neglected by the formal banking industry. As digital transformation becomes a key driver of financial services, this partnership reaffirms Select Africa’s vision of being a future-ready financial institution.

Wayne Faulds, CEO of Select Africa—Retail said that the collaboration with Veefin Solutions aligns perfectly with our vision of becoming a digitally driven financial institution that prioritises convenience, efficiency, and accessibility. By leveraging Veefin’s comprehensive lending suite, we are confident in delivering an unparalleled, digital-first lending experience to our customers across multiple geographies.”

“As lending evolves, the adoption of advanced solutions is no longer an option but an absolute necessity. Select Africa’s decision to onboard Veefin’s Digital Lending Suite underscores their commitment to financial innovation and inclusion,” said Raja Debnath, Chairperson, Co-founder and CEO of Veefin Solutions.

In February, the company announced that it had acquired TradeAssets, a UAE-based company specialising in the digital trading of trade finance assets. The acquisition, executed through Veefin’s subsidiary Estorifi Solutions, strengthens the company’s position as a one-stop solution for banks and financial institutions, helping them manage liquidity, distribute risk, and access global markets.

In August 2024, Veefin acquired Nityo Tech Pvt Ltd, the India-invested business of Nityo Infotech Singapore. Nityo Infotech, the parent company, operates in Artificial Intelligence (AI) and Machine Learning (ML) solutions for the financial services sector.

In November, the company acquired a stake in a Singapore-based generative artificial intelligence (AI) startup Walnut through its subsidiary Estorifi Solutions Pvt Ltd, which would buy a 50% stake in Walnut AI for about $2 million (nearly ₹17 crore) in a cash deal. 

With a presence in over 44 countries, the company has over 3,000 clients worldwide.