Global payments platform Veem announced on Wednesday it secured $31 million through its latest investment round, which was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC) with participation from MUFG Innovation Partners, AB Ventures, Paper Excellence, and Myer Family Investments, GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.
“All businesses want to do is pay vendors, suppliers, and contractors anywhere, at anytime, with ease. Legacy financial systems and old technologies make this dream nearly impossible. Veem makes it a reality.”
Veem further explained that the funding round builds on its already expansive global investor base, with participants from the United States, China, Japan, Australia, Indonesia, Canada, and the Middle East. Veem also claimed it is supported by forward-looking banks and major venture capital firms who share the network’s commitment to better enabling global commerce participation for small-to-midsize businesses. Speaking about the investment round, Marwan Forzley, CEO of Veem, stated:
“This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth. Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts.”
Financial Technology Partners served as exclusive financial and strategic advisor to Veem on the transaction.