Blockchain-based B2B payments platform Veem has partnered with BlueVine, an online lending company for SMBs.
The partnership will enable Veen’s US-based clients to finance their cross-border and domestic payments, as well as access working capital for business expenses.
Veem, formerly Align Commerce, enables businesses to send and receive payments in local currency through its global networks. The application supports one-click payments without wire fees and all transactions can be tracked.
California-based BlueVine provides SMBs with flexible working capital financing options by providing quick access to capital needed to buy inventory, cover expenses or expand operations. The company offers access to lines of credit of up to $200,000 and invoice financing of up to $5m.
BlueVine CEO Eyal Lifshitz said, “BlueVine and Veem have a similar mission – empowering small businesses with the tools they need to succeed. Business owners transacting cross-border have unique working capital challenges, and we’re excited to work with Veem to change that.
“With this partnership, our two companies are in an even stronger position to provide businesses with the financing they need to conquer their cash flow challenges.â€
Last year, BlueVine raised a $130m debt capital financing from Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth, and BDC Corp. The capital was raised to support scaling its invoice factoring product.
Veem also picked up capital last year, with the company securing $24m from National Australia Bank Ventures, GV, and SBI Investments.
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