Goldman Sachs Leads $ 25 Million Funding for Blockchain Startup Veem


Blockchain payments startup Veem has closed a $ 25 million funding round led by Goldman Sachs, announced Wednesday.

The firm, which rebranded from Align Commerce alongside another $ 26 million Series B raise in 2017, also saw a new strategic round from investors including GV (formerly Google Ventures), Silicon Valley Bank, Kleiner Perkins and Pantera Capital.

Veem offers a multi-rail payment platform – including both traditional SWIFT-based transfers and blockchain networks – aimed at providing speed, security and low fees by selecting the most advantageous route.

Its mission, Veem says, is to address the issue of small business owners.

The release continues:

"SWIFT, a 40-year-old technology, consistently slaps small businesses with fees, loses payments, and lacks the transparency necessary to ensure reliability and security."

The user base has grown to "exponentially" from 590 customers at the time of its Series. A funding round in 2015. By the B Series stage that had increased to 18,000, and is now "over 80,000 small businesses in 96 countries," the startup claims.

"We're thrilled to have Goldman Sachs lead our investment round." This will help us expand our footprint, "Veem CEO and Founder Marwan Forzley said.

Goldman Sachs Tower image via Shutterstock

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