Veefin Group, through its subsidiary Estorifi Solutions, has announced the acquisition of TradeAssets, a Dubai-based company specializing in the digital trading of trade finance assets.
This marks Veefin’s fifth acquisition in the past eight months, making the Veefin Group a total of ten companies.
TradeAssets, based out of UAE, co-founded by senior ex-bankers Lakshmanan Sankaran and Sumit K Roy, creates efficiency and transparency between financial institutions, development banks, and commodity traders in the buying and selling of trade finance assets.
TradeAssets platform facilitates the trading of trade finance assets like Letters of Credit, Guarantees, Open Account payables and receivables including Islamic products. In just three years, the platform has handled over $4 billion in deals, connecting more than 120+ banks across over 35 countries.
Raja Debnath, Chairperson, Co-Founder & CEO, Veefin Group said, “Today’s announcement is a milestone not just for Veefin Group but for the entire financial technology sector. Integrating TradeAssets into our ecosystem allows us to offer even more comprehensive solutions to global financial institutions. This move aligns with our goal to provide an integrated platform that covers all aspects of trade finance, from origination to distribution and beyond. We will continue to acquire companies to add to the Veefin Group’s ecosystem to better serve our banking and corporate clients.”
Lakshmanan Sankaran, Co-Founder & Chairman, TradeAssets, said, “The TradeAssets platform operates in a large market base consisting of over 10,000+ banks, with estimated secondary asset sales of USD 1tn and primary asset origination of USD 2tn. The trade finance industry is at a critical juncture, with banks seeking smarter ways to manage liquidity, distribute risk, and access global opportunities. By joining the Veefin Group, we bring our expertise in trade asset distribution to a comprehensive platform that empowers banks to seamlessly originate, syndicate, and manage trade finance portfolios. Together, we would endeavour to redefine how financial institutions maximize value from their trade finance operations”.
