Veem, the US payments fintech formerly known as Align Commerce, has closed a $24 million funding round led by National Australia Bank (NAB) Ventures.
NAB Ventures will share the stage with co-investors including GV (formerly Google Ventures) and will look to escalate Veem with an expansionist agenda, enabling payments across amore borders in additional currencies that will further “transform the global payment process for small businesses.
A California-based FX payments fintech, Veem’s platform leverages the blockchain for cross-border B2B payments, sending and receiving in local currencies.
Melissa Widner, general partner, NAB Ventures, who led the funding round will also join Veem's board.
According to Widner, technology in the global payments and foreign exchange space continues to evolve rapidly as business identifies innovative platforms to facilitate fast and frictionless transacting.
"Many companies exist in a crowded international payments market today, but none have been able to distil the complexities of the space into an easy solution," Widner told AB+F.
“As Australia’s largest business bank, we’re continually looking at services that have the potential to make life easier for our business customers,” she said.
Widner said Veem transcends the garden variety of foreign exchange-focused remittance companies by approaching global payments with a non-traditional mindset.
Challenging global payments
“This unique perspective has allowed for Veem's growth and rapid expansion into global markets, and we expect their team and technology to continue to challenge the global payments status quo,” Widner said.
“This investment forges a close relationship with the company that will provide insights into user expectations of where technology is heading for cross-border payments.”
According to Veem CEO and Co-Founder Marwan Forzley, the current international payments experience is fundamentally broken and Veem has the solution.
“Veem’s platform creates an experience that is as simple and frictionless as the current process is cumbersome and frustrating.”
A process Forzley said is stifling the globalisation efforts of small businesses.
“At Veem, we understand even ‘mum and dad’ businesses must embrace globalisation to compete with incumbents, grow their businesses and innovate." Forzley said.
The San Francisco deal is NAB Ventures' third investment of note. The firm has invested a $10.5 million in the Sydney-based technology star-tup Data Republic. In February, it provided seed investment in health tech Medipass Solution.
Other co-investors in the deal include the American venture capital firms Kleiner Perkins Caufield & Byers, Silicon Valley Bank and the Japanese fund SBI Investment Co. Ltd.