Goldman Sachs leads $25m funding in blockchain paytech Veem
San Francisco-based blockchain start-up Veem has got $25 million financing in a round led by Goldman Sachs.
The round included new investors Extol Capital, and a “multi-billion dollar international investment fund” along with participation from existing investors GV (formerly Google Ventures), Kleiner Perkins, Silicon Valley Bank, Trend Forward Capital, and Pantera Capital. This funding adds to the $26 million raised in Series B.
Let’s end the “outdated” stuff
Veem offers a payments platform built for small businesses. According to the firm, international transfers are built on an “outdated, 40-year-old system based on processes and technology that have left small businesses underserved and overcharged”.
I can’t help feeling that quote is outdated – having heard something similar every week over the last three years.
Veem has 80,000 customers, using the platform to send and receive money in 96 countries. By using its proprietary technology that combines blockchain, treasury, and existing rails, the firm says it is able to use payments to connect small businesses while allowing for an “optimised” cash flow. The firm has integrations with Quickbooks, Xero and Netsuite.
Marwan Forzley, CEO and founder of Veem, says the funding will “help us expand our footprint, increase our distribution and form new strategic partnerships”.
Goldman Sachs is also staying busy. Earlier this month, it was in advanced talks with several companies to sell “Simon”, its three-year-old app that sells financial products to retail investors.
It also led an equity funding round of $52 million in JUMO, which claims to be “the largest and fastest growing technology platform for operating inclusive mobile financial services marketplaces”.
