Veefin Solutions to Acquire 74% Stake in Fintech Innovations International DMCC for USD 4.44 mn

Veefin Solutions Limited, through its subsidiary Estorifi Solutions Limited, proposes to acquire 74% stake in Fintech Innovations International DMCC. The acquisition, valued at USD 4.44 mn, is expected to be completed within 90 days through a combination of cash and equity share swap. Fintech Innovations International DMCC is a Dubai-based company that specializes in the digital trading of trade finance assets. The company has developed a platform that facilitates the trading of various financial assets, including Letters of Credit, Guarantees, Open Account payables and receivables, and Islamic products. The company's turnover for the last three years is as follows: AED 261,820 (as on 31.12.2021), AED 527,814 (as on 31.12.2022), and AED 551,169 (as on 31.12.2023).