17 October 2017
Find out more

NAB Ventures leads $24m funding round for cross-border payments startup Veem

09 March 2017  |  9112 views  |  0 NAB

Blockchain-based cross border business payments startup Align Commerce has rebranded as Veem and raised $24 million in a Series B funding round led by the new venture arm of National Australia Bank.

GV (formerly Google Ventures), SBI Investment and existing backers Kleiner Perkins Caufield Byers and Silicon Valley Bank also joined the round, which brings Veems total funding to more than $40 million.

Veem is targeting the $6 trillion SMB cross-border payments market. The firm claims that these firms currently pay $50 billion in fees because they have to use antiquated wire systems that are not only expensive by difficult to use.

Its answer is a “multi-rail” payments platform that combines blockchain with traditional bank wire and treasury management routers to cut the costs of cross border payments for small and medium-sized businesses.

The platform converts funds into bitcoin and pays recipients in their national currency, eliminating the need for correspondent banking intermediaries in the chain. This means "simple, frictionless, and inexpensive" payments that require only an email address.

The company already operates in 60 countries and says that the new funding will enable it to expand into more markets and enable payments in additional currencies.

Marwan Forzley, CEO, Veem, says: "At Veem, we understand even ‘mum and dad’ businesses must embrace globalisation to compete with incumbents, grow their businesses and innovate.

"Unfortunately, the current international payments experience is fundamentally broken, stifling SMBs’ globalization efforts. Veem’s platform creates an experience that is as simple and frictionless as the current process is cumbersome and frustrating."

The deal is the third investment for NAB's $50 million innovation fund, following agreements with Sydney startup Data Republic and health tech Medipass Solution.

Melissa Widner, general partner, NAB Ventures, says: "Veem goes beyond the domain of foreign exchange-focused organizations and remittance companies by approaching global payments from a non-traditional point of view.

"This unique perspective has allowed for Veem's growth and rapid expansion into global markets, and we expect their team and technology to continue to challenge the global payments status quo."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

NAB and Telstra form joint venture to launch SME marketplace

NAB and Telstra form joint venture to launch SME marketplace

02 June 2016  |  6492 views  |  1 comments | 3 tweets | 11 linkedin
NAB enlists VCs to run $50 million fintech fund

NAB enlists VCs to run $50 million fintech fund

04 April 2016  |  5873 views  |  0 comments | 9 tweets | 5 linkedin
Align Commerce raises $12.5 million to disrupt cross-border payments industry

Align Commerce raises $12.5 million to disrupt cross-border payments industry

17 November 2015  |  7201 views  |  0 comments | 14 tweets | 5 linkedin
National Australia Bank launches $50 million venture fund

National Australia Bank launches $50 million venture fund

29 July 2015  |  8438 views  |  0 comments | 11 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14917 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8194 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7556 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6869 views comments | 13 tweets | 7 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6160 views comments | 8 tweets | 16 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job