Veem secures $25 million to expand global small business payments network
September 26, 2018
Goldman Sachs leads financing round with existing and new investors to fuel further growth
San Francisco – Sept 26, 2018 – Veem, the fast-growing global payments platform built for small businesses, announced today that it has completed a $US 25 million strategic financing round.
Veem’s financing round was led by Goldman Sachs and included new investors Extol Capital, and a multi-billion dollar international investment fund along with participation from existing investors GV (formerly Google Ventures), Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital. This funding adds to the $US 26 million raised in Series B.
International transfers are built on an outdated, 40-year-old system based on processes and technology that have left small businesses underserved and overcharged. This funding will propel Veem’s continued growth and transformative work in the global payments space.
Veem has grown to 80,000 customers, using the platform to send and receive money in 96 countries. By utilizing Veem’s proprietary multi-rail technology that combines blockchain, treasury, and existing rails, Veem is able to use payments to connect small businesses while allowing for more efficiencies and optimized cash flow.
“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.
“Veem has reduced small business’ burden with its payments platform. We see tremendous opportunity for continued growth,” said Rana Yared, a managing director at Goldman Sachs.
Through world-class integrations with Quickbooks, Xero and Netsuite, Veem has built a path for small business owners and their accountants to collaborate and build a global network of small businesses.
“Veem has quickly gained traction with businesses around the world. The convenience, low cost, and speed of paying with Veem is drawing payees to come on the network and turn into payers”, said Karim Faris, GV General Partner. “The network effects are very promising and resulting growth is impressive.”
“It’s been amazing to watch this company grow from the start,” said Randy Komisar, Partner at Kleiner Perkins. “Veem has gone from just a few hundred customers when we invested to now over 80,000 around the world in such a short period of time. Their continued evolution of products that help SMBs both send and request funds for goods and services has been great to see.”
This funding round builds on Veem’s already global investor base. Veem has well-known investors from the United States, China, Japan, Australia, and the United Kingdom, including banks, retailers, and major Venture Capital firms. With this support, Veem will continue to build its global business footprint across the world.
Veem is a global payments company built for small businesses. We enable users to send and receive payments in local currency with through our unique multi-rail technology and intuitive dashboard.
Founded by a world-class team of industry veterans with over 100 years of combined experience in payment processing, Veem’s mission is to revolutionize the legacy financial payment system using disruptive technologies such as blockchain, and build a new user-centric financial ecosystem that services global businesses in their international endeavors.