Cross-border B2B payments company Veem has raised $25m in a strategic investment round to fuel its growth.
The round was led by Goldman Sachs and also received contributions from new investors Extol Capital and an unnamed ‘multi-billion-dollar international investment fund’. Existing backers GV, Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital also took part.
Veem enables businesses to send and receive payments in local currency through its global networks of 96 countries. The application supports one-click payments without wire fees and all transactions can be tracked.
Through blockchain, treasury, and existing rails technology, the company is able to connect small businesses and ease cash flow and money transfers.
With this capital injection, the company will further its growth efforts and expand its global footprint. Veem will also look to boost its distribution and create new strategic partnerships.
Kleiner Perkins partner Randy Komisar said, “It’s been amazing to watch this company grow from the start.
“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.â€
Earlier in the year, Veem partnered with online lending company BlueVine in order to help its customers finance their cross-border payments and to access working capital.
Last year, the company secured a $24m investment from investors including National Australia Bank, GV, and SBI Investments. Alongside the investment round, the company had rebranded to Veem from Align Commerce.
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