Veem, the US-based creator of cross-border business payment software, has completed a $25m funding round that included GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet.
Investment banking firm Goldman Sachs led the round, which included Silicon Valley Bank (SVB), Extol Capital, Trend Forward Capital, Kleiner Perkins and Pantera Capital.
Founded as Align Commerce, Veem has developed a payments platform that helps businesses pay vendors, suppliers or contractors quickly and efficiently regardless of currency. It claims to have some 80,000 users across 96 countries.
The company raised $24m in a March 2017 series B round led by financial services firm National Australia Bank’s NAB Ventures unit that it now states was in fact $26m in size.
GV also invested in the series B round, as did SVB, Kleiner Perkins Caufield Byers (KPCB) prior to its split last month, and SBI Investment, a venture capital vehicle for financial services provider SBI Group.
KPCB, Pantera and SVB unit SVB Ventures had already backed a $12.5m series A round for Veem in 2015 that also featured Recruit Strategic Partners, part of human resources provider Recruit, Digital Currency Group and FS Venture Capital.
The company had previously raised an undisclosed amount of seed funding from Pantera, Bitcoin Opportunity, Boost VC, Bayhill Capital Management, Nyca Investment, Pivot Holding, Fenway Summer, R3 and Whittemore Collection in 2014.
Karim Faris, a general partner at GV, said: “Veem has quickly gained traction with businesses around the world. The convenience, low cost, and speed of paying with Veem is drawing payees to come on the network and turn into payers. The network effects are very promising and resulting growth is impressive.”
