Veem to use funding to drive scale and global commercialization
SAN FRANCISCO, Sept. 16, 2020 (GLOBE NEWSWIRE) — Veem, the fast-growing global payments network built for businesses, today announced the closing of a $31M capital raise, led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC) — the 6th largest commercial bank in the U.S. This investment will go towards the development of a robust channel partner program that will widen Veem’s geographic footprint. As the company focuses on its scaling efforts, Veem is also committed to further improving and expanding its product suite and capabilities.
This funding round builds on Veem’s already expansive global investor base, with participants from the United States, China, Japan, Australia, Indonesia, Canada, and the Middle East. Veem is supported by forward-looking banks and major venture capital firms who share Veem’s commitment to better enabling global commerce participation for small-to-midsize businesses.
Round participants include: MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank in Japan, as well as AB Ventures, the venture arm of Arab Bank, one of the leading financial institutions in the Middle East and North Africa, Paper Excellence and Myer Family Investments. Existing investors that participated in this round include: GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.
“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,” said Marwan Forzley, CEO of Veem. “Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts.”
International transfers are built on an outdated, 40-year-old system based on processes and technology that have left small businesses underserved and overcharged. With more than 225,000 customers and counting, sending and receiving money in more than 100 countries, Veem’s proprietary technology combines the best of traditional systems with the flexibility and speed that blockchain technology and digital wallets can provide. Through world-class integrations with QuickBooks, Xero and NetSuite, Veem has built a path for business owners and their accountants to collaborate and build a global network.
“Our leadership in Veem’s strategic funding round marks our first investment as Truist Ventures; we can’t imagine a better company to hit this milestone with. Veem’s management team is an inspiring group of innovators and visionaries that are solving a critical pain point for small- and medium-sized businesses,” said Vanessa Vreeland, head of Truist Ventures. “We’re excited about this investment and the future opportunities it may bring. Veem’s 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.”
Truist Ventures invests in innovative companies with exceptional management teams that can enhance Truist’s ability to deliver unprecedented touch and technology to help their clients and communities thrive. In addition to stage-agnostic venture funding, they provide access to Truist’s deep domain expertise, executive-level talent and an extensive network of subject-matter experts in technology, investment banking, capital markets and innovation to help their portfolio companies realize growth opportunities and shape the future of finance.
Financial Technology Partners served as exclusive financial and strategic advisor to Veem on the transaction.
To learn more about Veem, visit https://www.veem.com/.
Veem simplifies the way businesses send and receive funds globally. Trusted by more than 225,000 businesses in over 100 countries, Veem offers a suite of payment services to establish and strengthen partner and supplier relationships. Veem’s secure, trackable transactions combined with seamless integrations with popular business applications enable businesses to save time and money, while mitigating risk generally associated with international funds transfers. Veem is licensed and regulated in each country and state it serves.
About Truist Ventures
Truist Ventures is the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), a purpose-driven financial services company committed to inspire and build better lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures delivers unprecedented touch and technology to Truist clients through partnerships with, and investments in, innovative companies and exceptional management teams with novel solutions to help Truist shape the future of finance. Truist Ventures’ investment focus stretches beyond traditional financial technology into adjacent, disruptive technologies that enable Truist to deliver a human touch in new ways. Leveraging Truist’s extensive network of executive-level talent and industry experts in technology, investment banking, capital markets and innovation, the Truist Ventures team helps portfolio companies fulfill growth opportunities through unparalleled access to exceptional support.
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