Veem launches payments platform in Canada

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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
  • Veem is a global payments processor built for small businesses
  • Built by veterans in the payments processing industry, Veem is set to revolutionise payments between businesses, according to reports
  • Veem is available in 95 countries


Global payments firm Veem will be offering fast, reliable, and secure transfers in Canada according to a press release. The company’s platform allows small businesses to send payments to other businesses in over 95 countries, a development that makes transferring money internationally more seamless than using traditional methods.

The platform supports multiple currencies and also features other capabilities that banking platforms do not have. Veem’s CEO Marwan Forzley says that the company “has two priorities – provide safe, secure transactions and expand into markets to better serve businesses regardless of size”. Forzley adds that all clients are “treated as enterprise customers, receiving the immediate, individualized attention banks often fail to provide". Bank to bank transactions have been getting a lot of heat in the past few years because of their lack of speed and the abundance of paperwork that needs to be signed and verified. Banks also tend to charge hefty overseas transfer rates making them less appealing for young companies.

Veem understands businesses and what they want, analysts say. In fact, the company’s website reinforces this claim by saying that all businesses want is to pay their suppliers, vendors, and contractors “anywhere, at anytime” without going through multiple checks and outdated processes. According to Veem, fast transactions especially for international money transfers are impossible when done through legacy financial systems. Veem notes that it wants to get rid of obstacles that businesses face when it comes to sending money abroad.

Veem’s platform gets rid of this problem by cutting out banks in the payment process. Forzley added that this allows businesses in over 95 nations to send funds quickly, securely, and at real affordable rates.

Veem was founded by industry veterans with over a hundred years of combined experience in processing payments for businesses. The platform makes it possible for businesses to send and receive funds in their local currency through a multi-rail dashboard. Users say that said dashboard is intuitive.

The firm’s goal is to revolutionise payments through “disruptive technologies” the likes of blockchain, according to reports. Veem is also different when compared to other platforms, analysts say, because its dashboard is user-centric as it is both easy to use and understand.

Since it was established, the company has targeted businesses and freelancers who provide offshore services but it is set to expand its reach, based on reports.  

Veem was formerly known as Align Commerce. In 2015, it raised a whopping $12.5 million in funding. Its funders include Kleiner Perkins Caufield & Byers, Pantera Capital, FS Venture Capital, Recruit Venture Partners, and Digital Currency Group. Two years later, the payments processing company rebranded itself to Veem and raised $24 million in its Series B round. This round was led by National Australia Bank Ventures, SBI Investment Co., Ltd., a Softbank company, Silicon Valley Bank and Kleiner Perkins Caufield Byers.

Find out more about the international payments processing industry here.


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