This week, Veem announced the close of a $US 25 million strategic funding round led by Goldman Sachs.
The round was aided by a slew of new and existing investors. GV (formerly Google Ventures), Silicon Valley Bank, Extol Capital, Trend Forward Capital, Kleiner Perkins, and Pantera Capital all contributed to the growth and expansion of Veem’s dream to transform the global payments space.
Around the world, small business owners are forced to deal with a slow, outdated, and expensive wire transfer system to send and receive international payments. SWIFT, a 40-year-old technology, consistently slaps small businesses with fees, loses payments, and lacks the transparency necessary to ensure reliability and security.
Our multi-rail payments platform ensures speed, security, and the lowest possible fees by finding the perfect route for any particular transfer.
Since its founding in 2014, Veem has worked to transform the global payments space. Accurate tracking and dedicated account managers have ensured the transparency large financial institutions can’t offer.
Our multi-rail payments platform ensures speed, security, and the lowest possible fees by finding the perfect route for any particular transfer. Veem has also leveraged blockchain technology from the start. A transfer platform secured by distributed ledger technology, blockchain may ultimately be the future of international payments. Veem is on the front lines.
This most recent funding follows a $US 26 million Series B round concluded in March 2017, which allowed for a rebrand from Align Commerce, and the continued development of their services.
Veem has grown exponentially. At the completion of its series A funding round, Veem had 590 customers. At series B, 18,000. At the close of their most recent strategic round, Veem’s customer base has exploded to over 80,000 small businesses in 96 countries. But, they’re just getting started.
Veem’s customer base has exploded to over 80,000 small businesses in 96 countries. But, they’re just getting started.
“We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships,” said Marwan Forzley, CEO and Founder of Veem.
They’ve come a long way, with much left to go. There are more avenues to explore, improvements to make, and problems to solve.
With the close of such a generous funding round, the Veem’s mission will continue to take shape. A global network of small businesses connected through seamless payments. That’s the dream of Veem.