Veem, a San Francisco, CA-based global payments network built for businesses, raised $31M in funding.
The round was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), with participation from MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank in Japan, AB Ventures, the venture arm of Arab Bank, largest bank in the Middle East and Africa and existing investors GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.
The company intends to use the funds for the development of its channel partner program that will widen its geographic presence.
Led by Marwan Forzley, CEO, Veem simplifies the way businesses send and receive funds globally. Used by more than 225,000 businesses in over 100 countries, Veem offers a suite of payment services to establish and strengthen partner and supplier relationships. Its trackable transactions combined with integrations with popular business applications enable businesses to save time and money, while mitigating risk generally associated with international funds transfers. Veem is licensed and regulated in each country and state it serves. It integrates with QuickBooks, Xero and NetSuite.