Veem, a cross-border payments platform that uses blockchain technology, has secured an investment of $25m in a funding round led by Goldman Sachs.
GV (previous called Google Ventures), Silicon Valley Bank, Extol Capital, Trend Forward Capital, Kleiner Perkins, and Pantera Capital also participated in the fundraising.
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Veem CEO and founder Marwan Forzley said: “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.”
The blockchain payment startup rebranded from Align Commerce following a Series B funding round last year, which offered $26m in new capital to the firm.
The payments firm reported 590 customers at the completion of Series A funding round, increasing its client base to 18,000 at the completion of Series B funding. It currently has over 80,000 customers in 96 countries.
The firm offers a multi-rail payments platform in an effort to address the challenges of small businesses.
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By GlobalData“Around the world, small business owners are forced to deal with a slow, outdated, and expensive wire transfer system to send and receive international payments,” the payments start-up said.
Veem plans to offer speed, security and low fees by finding the perfect route for a transfer.
