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Cross-border payments firm Veem raises $31m

Cross-border payments firm Veem raises $31m

Cross-border business payments startup Veem has raised $31 million in a funding round led by the VC division of Truist Financial Corporation.

The round was joined by MUFG Innovation Partners and AB Ventures as well as existing investors GV, Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.

Veem has won over 225,000 customers to its proprietary multi-rail technology, which routes transactions to more than 100 countries through different methods, including card, treasury accounts, blockchain, and the Swift network.

The firm says its secure, trackable transactions combined with seamless integrations with business applications such as QuickBooks, Xero and NetSuite, enable firms to save time and money, while mitigating risks associated with international funds transfers.

The new funding will be used to develop a channel partner programme to widen Veem’s geographic footprint as well as to expand the company's product suite.

Marwan Forzley, CEO, Veem, says: "This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth. Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts."

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