Veem scores $31m in a funding round to support geographic growth

Global payments networks Veem has scored $31m in its funding round to help it broaden its geographic footprint.

The investment was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation. Other contributions came from MUFG Innovation Partners, AB Ventures, GV, Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.

With the equity burst, the company is looking to increase the development of its partner programme, increase its geographic footprint and expand its product suite.

The platform supports more than 225,000 customers sending and receiving money in over 100 countries.

Truist Ventures head Vanessa Vreeland said, ?Were excited about this investment and the future opportunities it may bring. Veem 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.p>

Financial Technology Partners acted as the exclusive financial and strategic advisor to Veem for the deal.

Veem previously raised $25m in a funding round led by Goldman Sachs in 2018.

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