Blockchain Startup Veem Receives $25 M Strategic Funding From Goldman Sachs

Blockchain startup company Veem received around $25 million in the form of strategic funding in the first round from Goldman Sachs. Other new as well as existing investors who participated in the funding were Silicon Valley Bank, GV (formerly Google Ventures), Trend Forward Capital, Extol Capital, Pantera Capital, and Kleiner Perkins. All these companies in their own way contributed to the expansion and growth of the dream of Veem to break a transformation in the space of global payments with its blockchain technology.

All over the world, small business owners with very little capital have no other option but to carry on their working with an outdated, slow yet highly costly wire transfer system for sending and receiving cross-border payments. Small businesses always have to pay a heavy price for using SWIFT, a technology that is 40 years old. The technology consistently makes the businesses make a big payment under the disguise of loses payments, fees, and thus do not provide the transparency required to make the overall dealing secured and reliable.

Founded in 2014, the blockchain startup company Veem runs a multi-rail payments platform that offers speed, security and lowest fees that can be possible and also provides the perfect route for a particular transfer, said Veem. The startup has constantly worked towards transforming the way payments are made globally. Veem offers accurate tracking and accounting thereby ensuring the level of transparency even the large financial institutions are unable to offer.

The customer base of Veem has grown over 80,000 small businesses in 96 different countries and the startup has just started. According to the Founder and CEO of Veem, Marwan Forzley, “We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships.”

The blockchain startup is based in San Francisco and makes use of digital ledger technology for increasing the efficiency of small businesses for making payment, said XBT. Goldman Sachs made the investment in Veem through Rana Yared, its Principal Strategic Investment Group. Incidentally, the platform will include the managing director of Goldman Sachs as a non-voting member.

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