Align Commerce gets $24M in new funding and changes name to Veem
Wow, what a year.
A little more than fifteen months ago, Kleiner Perkins, Silicon Valley Bank and few other great investors came together and provided $12.5M Series A funding for Align Commerce. Their investment was based on their support of our belief that we can revolutionize the way small businesses send and receive global payments, bringing simplicity and lower costs to millions of small businesses around the world. We felt that it was unfair for businesses struggling to compete by leveraging global resources to get lost in the lackluster, expensive and confusing bank wire services that are the default for many. We wanted to “ReThink Bank Wires” and attack the decades-old problem of navigating the cumbersome process of making global payments.
Small businesses have too long faced ever-expanding challenges when it comes to growing their companies and hiring employees without the benefits of big company budgets. Through their innovative spirit, they’ve accessed global resources for the materials and labor to develop new services and find and nurture satisfied customers. Yet when it comes to the simple task of sending and receiving business payments overseas, they get bogged down by the complexity and fee-laden world of bank wires. This is where we aimed our efforts – developing a simple, affordable global payment solution to help these global innovators.
Our previous round of funding allowed us to level-up our offering, overhaul the experience, expand our country footprint and build out a global team to service the thousands of businesses that came on board. The feedback from our customers has been terrific and a motivating force for the company. Nothing jazzes up our team more than testimonials from thankful customers who are relieved to leave old ways of burdensome, expensive global payments behind for a streamlined process that saves them both time and money.
Thanks to a terrific track record of growth, innovation, and a rapidly expanding base of satisfied customers, I’m pleased to announce we’ve now received $24M in Series B funding. The round was led by National Australia Bank (NAB), Australia’s largest business bank, and supported by GV (formerly known as Google Ventures), KPCB, SVB and many other great investors from all around the world. This funding will be leveraged to further improve and integrate the platform experience and bring additional currencies into the offering. It’s a big step forward in our evolution and will help us to reach many more businesses and meet their growing needs for simplified, affordable global payments.
Expanding upon the evolution of our offering, we’ve now changed our name to Veem. It’s a name we feel better captures the essence of our modern, simplified global payment platform and makes it easier for people to communicate how to send global payments to each other – next time, just Veem it.
If you’d like to know more details, please read our press release: Align Commerce Raises $24 Million Series B to Simplify Global Payments for Small Businesses; Rebrands as Veem.
I’m excited and thankful for our customers, our employees and our partners – all of whom have been an instrumental part of our success. We look forward to great things ahead.