PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Veem Secures $31 Million in Latest Round of Funding

Steve Murphy by Steve Murphy
September 22, 2020
in Analysts Coverage, Cross-border Payments, Fintech, Funding
0
Veem Secures $31 Million in Latest Round of Funding

Veem Secures $31 Million in Latest Round of Funding

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

This release from The Fintech Times reviews the latest funding round for Veem, a 2014 startup, based in San Francisco, that specializes in cross-border transactions for SMEs. This particular round was led by Truist Ventures (the new name after the BB&T/SunTrust merger) and comes in the COVID environment, where various dire predictions have been coming out about VC investments drying up for awhile.  

‘Veem, the fast-growing global payments network built for businesses, recently announced the closing of a $31 million capital raise, led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation — the 6th largest commercial bank in the U.S. This investment will go towards the development of a robust channel partner program that will widen Veem’s geographic footprint as well as further improving and expanding its product suite and capabilities….This funding round builds on Veem’s already expansive global investor base, with participants from the United States, China, Japan, Australia, Malaysia, Canada, and the Middle East. Veem is supported by forward-looking banks and major venture capital firms who share Veem’s commitment to better enabling global commerce participation for small- to midsize businesses.’

We have not received a briefing but it seems that the cross-border payments are done on multiple rails, including blockchain with bitcoin transfers and FX. We don’t know how the decisions are made as to which payment rails are chosen under what circumstances, but we assume most of the bitcoin choices are lower value due to the FX fluctuations. 

What we do know is that cross border and fintech innovation go hand in hand these days, which we have been discussing often. It has been an area of high interest and obviously continues to attract investments.

‘“Our leadership in Veem’s Series C marks our first investment as Truist Ventures; we can’t imagine a better company to hit this milestone with. Veem’s management team is an inspiring group of innovators and visionaries that are solving a critical pain point for small- and medium-sized businesses,” said Vanessa Vreeland, head of Truist Ventures. “We’re excited about this investment and the future opportunities it may bring. Veem’s strategic approach and commitment to constant improvement align well with how Truist sees the role of technology in shaping the client experience. Their proprietary multi-rail technology enables connections between businesses and their vendors, suppliers and contractors through a service that is easy to use and more cost effective than legacy cross-border B2B payment options—capabilities that our clients need.”

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Tags: BitcoinCross-BorderFintechInnovationTruist Ventures
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Payoneer eBook: