Mumbai-based Veefin is continuing its hot investment streak. The company announced it’s purchasing a 50 percent stake in Walnut AI, a generative AI startup from Singapore. The deal marks Veefin’s fourth acquisition in the last five months and its first international investment. According to news sources, Veefin’s all-cash deal is valued at $2 million.
Founded in 2020, Walnut AI works with banks and large financial institutions by providing powerful tools like its Vega 4.0 platform. The software uses machine learning and natural language processing, or NLP, models to ingest large amounts of data and extract crucial information from documents that can help leaders make informed decisions. Walnut AI’s other products include bespoke algorithms to process unstructured data and data delivery.
Veefin similarly works with banks, financial businesses and logistics firms. It provides digital tools for onboarding, loan processing, immediate financing and other customer experience areas.
Following the significant investment, Walnut AI will continue to operate as an independent entity.
