A planned acquisition of TradeAssets by Estorifi, a Veefin Group company, will no longer proceed, the two companies have confirmed.
In a statement, TradeAssets says the transaction extended beyond the agreed timeline, and the decision was made mutually and “amicably”, reflecting the “evolving priorities and strategic directions of each organisation”.
Veefin Group announced its intended acquisition of TradeAssets in February, as part of a push to expand its geographical reach and product offering.
Lakshmanan Sankaran, co-founder and chair of TradeAssets, says the company remains “fully focused” on executing its growth strategy, investing in innovation and delivering value to stakeholders through its blockchain-powered trade finance marketplace.
TradeAssets, a UAE-headquartered company launched in 2019, offers a platform that allows banks to list and auction trade assets, such as letters of credit, loans and guarantees.
It currently has over 120 members, which it says are mainly banks in the Middle East, Africa and Asia.
Veefin was established in 2017, and acquired a string of companies last year, following its 2023 initial public offering.
When announcing the planned acquisition in February, it described TradeAssets as a “natural fit” within its overarching strategy of streamlining and strengthening financial operations for institutions worldwide.
