Blockchain-based cross border business payments startup Veem has raised $25 million in a strategic funding round led by Goldman Sachs and joined by Google Ventures.
Silicon Valley Bank, Extol Capital, Trend Forward Capital, Kleiner Perkins, and Pantera Capital all contributed to the round to help Veem take on the multi-trillion dollar SMB cross-border payments market.
Veem argues that small businesses are currently forced to deal with a slow, outdated, and expensive wire transfer system to send and receive international payments. What's more, "Swift, a 40-year-old technology, consistently slaps small businesses with fees, loses payments, and lacks the transparency necessary to ensure reliability and security".
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 SMBs by finding the perfect route for any particular transfer.
Veem says its customer base has been expanding massively. In March 207, when it closed a $24 million funding round, the startup had 18,000 customers; 18 months later that has grown to 80,000 across 96 countries.
"We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships," says Marwan Forzley, CEO, Veem.