Marwan Forzley CEO of Veem

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San Francisco-based payments startup Veem has raised $31 million in venture capital funding, led by Truist Ventures, the VC arm of commercial banking giant Truist Financial Corporation.

Founded in 2014, Veem has more than 225,000 customers worldwide, including Xero and Quickbooks, and has now raised $109.3 million in total funding. The company is a payments service provider for commerce businesses, allowing them to send and receive payments in local currency.

Veem leverages blockchain technology to complete transactions. 

“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.”

This funding round including participation from the VC arms of Japanese bank MUFG and Arab Bank, alongside existing investors GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures, and Trend Forward Capital.

“We’re excited about this investment and the future opportunities it may bring,” said Vanessa Vreeland, head of Truist Ventures. “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.”

The funding will help Veem to scale its offering to small and medium-sized businesses in the US and elsewhere, as well as expand the company’s product suite, it said.

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Check out Veem’s (redacted) pitch deck below:

SEE ALSO: US neobank Chime could be set to more than double its valuation to as much as $15 billion in just 9 months with a major new funding round

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Source:: Business Insider

      

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