Cross-border payment startup Veem gets investment boost

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Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more
  • Goldman Sachs investing in new payment provider
  • Latest strategic funding round raises $25m in 
  • Veem now targets penetrating the competitive cross-border payment market

Latest news in the world of international money transfers relates to investment in startup company Veem. This will be of particular interest to any business or person who regularly has a need to send money abroad or send money home. Veem is a new player in the online payment sector and this massive cash investment will provide the funds for them to grow further.

Based on the most cutting-edge blockchain technology, Veem recently initiated a funding round to generate extra investment. One of the biggest names to get involved is Goldman Sachs. This has naturally excited Veem, with CEO Marwan Forzley commenting: “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.”

It is not just Goldman Sachs who have chosen to back the new company. Also investing in this latest round were big names such as Google Ventures, Kleiner Perkins and Extol Capital.

But why does the world need a new online money transfer solution? Veem claims that their blockchain-based approach deals with many issues that the current system throws up. Chief among these for Veem is the current wire transfer setup that they say is slow and outdated. In addition, they also feel that the Swift technology currently used is old and lacks transparency.

Their platform is a multi-rail solution that partners blockchain with the traditional bank wire and treasury management routers to cut the costs for cross-border payments. With an expanding customer base of 80,000 across 96 countries, the future certainly looks bright for this innovative new startup.

For further analysis and information on what is happening in the world of international payments, take a look here. ​​​​


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