- Provider of working capital to small businesses partners with cross-border payments provider for faster transfers
- Veem's blockchain technology makes transfers more convenient for small business owners
- Deal follows $75m venture capital investment from Fortress Credit Corp
BlueVine, a provider of credit lines to small businesses, has announced a partnership with international money transfer service company Veem.
The deal was recently laid out in a blog post by Charles Amadon, BlueVine's VP of Business Development & Strategic Partnerships.
According to Amadon, the current system presents problems for small business owners because cross-border payments can only be executed through a business bank account. The transactions are complex, time-consuming and costly, mostly because traditional financial institutions rely on technology that's quickly becoming outdated. International money transfers must go through a number of foreign banks, each of which tacks on its own fees.
This slows down the process significantly, adding cost and making it difficult to initiate changes.
By partnering with Veem, BlueVine hopes to make international payments easier for small business owners to send and manage.
Veem's blockchain technology is easy to set up, stores all relevant data, eliminates wire fees, offers instant customer support, automatically reconciles transactions to a company's preferred accounting software, and is more transparent than traditional cross-border payments.
“Veem has been tackling this problem since launching in 2014," Amadon wrote. "If you've done international payments and walked away less than thrilled about the amount of time, effort and mental energy invested, it's time for a change."
The deal with Veem comes approximately one year after BlueVine announced a $75m infusion of capital from Fortress Credit Corp. The line of credit will help grow BlueVine's Flex Credit product for small business owners.
Amadon said this partnership is part of a larger shift to offer BlueVine customers access to better solutions to help grow their businesses.
"We care about the financial health of each member of our community," he wrote.
