Veefin Solutions Ltd has acquired a stake in Mumbai-based Regime Tax Solutions. The move integrates Regime’s GST compliance and accounts automation solutions, TaxGenie and PayInvoice, with Veefin’s platform. The integration enables 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, while CEO Rakesh Dube will continue to lead the company. It said last year, over 200 corporates had used PayInvoice to process invoices worth ₹65,000 crore, and TaxGenie had facilitated GST filings for over 1,000 corporate GSTINs.
This partnership aims to enhance AR/ AP capabilities for corporate clients, to provide financial institutions with tools for managing financial and tax compliance procedures.
However, the shares were down 1.24 per cent at ₹314 on the BSE.