SAN FRANCISCO — Veem, a global payments network built for businesses, has announced the closing of a $31 million funding round, led by newly launched Truist Ventures, the corporate venture capital division of Truist Financial Corporation — the 6th largest commercial bank in the U.S.
This investment will help develop a channel partner program that will widen Veem’s geographic footprint. Veem is also expanding and improving its product suite and capabilities.
This funding round also includes: MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank in Japan, as well as AB Ventures, the venture arm of Arab Bank, one of the leading financial institutions in the Middle East and North Africa, Paper Excellence and Myer Family Investments. Existing investors that participated in this round include: GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.
“This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth,” said Marwan Forzley, CEO of Veem. “Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts.”
International transfers are built on an outdated, 40-year-old system based on processes and technology that have left small businesses underserved and overcharged. With more than 225,000 customers and counting, sending and receiving money in more than 100 countries, Veem’s proprietary technology combines the best of traditional systems with the flexibility and speed that blockchain technology and digital wallets can provide. Through world-class integrations with QuickBooks, Xero and NetSuite, Veem has built a path for business owners and their accountants to collaborate and build a global network.
“Our leadership in Veem’s strategic funding round marks our first investment as Truist Ventures; we can’t imagine a better company to hit this milestone with. Veem’s management team is an inspiring group of innovators and visionaries that are solving a critical pain point for small- and medium-sized businesses,” said Vanessa Vreeland, head of Truist Ventures. “We’re excited about this investment and the future opportunities it may bring. Veem’s strategic approach and commitment to constant improvement align well with how Truist sees the role of technology in shaping the client experience. Their proprietary multi-rail technology enables connections between businesses and their vendors, suppliers and contractors through a service that is easy to use and more cost effective than legacy cross-border B2B payment options—capabilities that our clients need.”