Veem

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Veem
FormerlyAlign Commerce
TypePrivate
IndustryPayment services
FoundedSan Francisco (2014 (2014))
FounderMarwan Forzley
HeadquartersSan Francisco,
United States
Area served
Global: Europe, United States, Canada, Asia-Pacific, Latin-America
Key people
  • Marwan Forzley (CEO)
ProductsInternational Payments, Domestic Payments, Accounting Integrations, Working Capital, Digital Wallets
ServicesFinancial Services
Websiteveem.com

Veem is a San Francisco-based online global payments platform founded in 2014 by Marwan Forzley.[1] It was formerly known as Align Commerce, changing its name to Veem on 8 March 2017.[2] The company services 100 countries and 70 currencies including USD, CAD, GBP, EUR, HKD, CNY, and AUD. Customers in 100 countries can receive payments, and customers in 25 of those can send payments.

Payments are sent using various rails, the one used being determined internally when a payment is sent. The company routes payments using SWIFT, automated clearing house (ACH), treasury accounts, digital wallets, debit cards, and blockchain.[3] The company targets small-to-midsize businesses, freelancers, and businesses offering international services. In 2020, Veem reached a customer base of 225,000 users.

History[edit]

Veem was founded by Marwan Forzley in 2014 as Align Commerce. Forzley came up with the concept to make cross-border payments, "as easy as purchasing a cup of coffee."[4] In 2014, the first payment on the platform was sent from an American business to its Filipino contractors. In 2019, Veem began offering a full suite of enterprise-level payment tools including working capital,[5] locked exchange rates,[6] rate tracking, real-time payments,[7] and digital wallets to its users. In April 2020, Veem acted as a front-end component to the Small Business Administration Paycheck Protection Program to facilitate loans and customer support to small businesses as a result of the COVID-19 pandemic.[8]

Transfer process and features[edit]

Veem uses a payment routing method they refer to as "multi-rail technology."[9] Transactions are routed through different methods or "rails" including debit cards, treasury accounts, SWIFT, digital wallets, ACH (in the United States), and blockchain.[10] Veem claims this method helps to balance cost, speed, and security.

Veem makes the majority of its revenue from cross-border foreign exchange transactions. Veem offers live rates on foreign exchange transactions that vary based on the payment value, currency pair, and country corridor.

Veem provides complimentary features including payment tracking, transaction reports, accounting integrations, pay links, digital wallets, and mass pay. There is currently no fee to sign up.

Integrations[edit]

Veem integrates with accounting software platforms Quickbooks,[11] Xero,[12] and NetSuite[13] for automated payment reconciliation.

Veem integrates with Plaid for payment security and data transfer.[14]

Veem integrates with Zapier to connect its service with other web applications.[15]

Veem integrates with Magento and manually integrates with Shopify for online store checkout payments.

Media attention[edit]

Veem was listed in the 2018 Forbes Fintech 50.[16] In the accounting industry, Veem was recognized as Quickbooks 2017 Top 10 App of the Year,[17] Xero's 2018 Emerging App Partner of the Year,[18] and listed as a 2020 top accounting app by Accounting Today.[19]

Investors[edit]

As Align Commerce, the company raised $12.5 million in Series A funding in November 2015 from Kleiner Perkins Caufield & Byers,[20] Recruit Venture Partners and existing seed investors Pantera Capital, Digital Currency Group, and FS Venture Capital LLC.

In March 2017, the company (after rebranding to Veem) raised $24 million in a Series B round led by National Australia Bank (NAB) Ventures with participation also from GV (Google Ventures), Goldman Sachs, Softbank's SBI Investment Co., Ltd., Kleiner Perkins Caufield Byers and Silicon Valley Bank.[21]

In October 2020, Veem closed an additional $31 million in a strategic funding round led by Truist Ventures with participation from MUFG Innovation Partners, AB Ventures, Paper Excellence, and Myer Family Investments. Existing investors who participated in the round include GV (Google Ventures), Goldman Sachs, Kleiner Perkins Caufield & Byers, Silicon Valley Bank, National Australia Bank (NAB) Ventures, and Trend Forward Capital.

References[edit]

  1. ^ "Podcast 253: Marwan Forzley of Veem". Lend Academy. 2020-06-26. Retrieved 2020-10-23.
  2. ^ "Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs". TechCrunch. Retrieved 2020-10-23.
  3. ^ Levy, Ari (2018-02-18). "There's a lot of blockchain hype, but money-transfer start-up Veem is using it today". CNBC. Retrieved 2020-10-23.
  4. ^ "Staying true to Ottawa roots, San Francisco's Veem brings money transfer solution to Canada". Ottawa Business Journal. Retrieved 2020-10-23.
  5. ^ "Podcast 253: Marwan Forzley of Veem". Lend Academy. 2020-06-26. Retrieved 2020-10-23.
  6. ^ PYMNTS (2019-11-24). "Veem Now Offers Locked Exchange Rates For SMBs". PYMNTS.com. Retrieved 2020-10-23.
  7. ^ "StackPath". www.cpapracticeadvisor.com. Retrieved 2020-10-23.
  8. ^ "How one fintech mobilized to help small businesses apply for emergency loans". PaymentsSource. 2020-04-22. Retrieved 2020-10-23.
  9. ^ "LFP161 – Global B2B Payments & Multi-Rail Technology w/Marwan Forzley CEO Veem | London Fintech Podcast". londonfintechpodcast.com. Retrieved 2020-10-23.
  10. ^ Levy, Ari (2018-02-18). "There's a lot of blockchain hype, but money-transfer start-up Veem is using it today". CNBC. Retrieved 2020-10-23.
  11. ^ "StackPath". www.cpapracticeadvisor.com. Retrieved 2020-10-23.
  12. ^ "StackPath". www.cpapracticeadvisor.com. Retrieved 2020-10-23.
  13. ^ "Veem opens up global payments platform to developers with new API". TechCrunch. Retrieved 2020-10-23.
  14. ^ "How 'Embedded' Payment Providers are Transforming Fintech | Finance Magnates". Finance Magnates | Financial and business news. 2020-01-31. Retrieved 2020-10-23.
  15. ^ Zapier. "New Integration: Streamline Your Payments with Veem". Zapier. Retrieved 2020-10-23.
  16. ^ Sharf, Samantha. "Forbes Fintech 50 2018: The Newcomers". Forbes. Retrieved 2020-10-23.
  17. ^ "App Showdown Finalist Profile – Veem: A Modern Solution for Wire Payments". QuickBooks. 2018-01-23. Retrieved 2020-10-23.
  18. ^ Jan 26, INSIDE Public Accounting |; Technology | 0, 2018 |. "Veem Wins Emerging App Partner of the Year in Xero Awards Americas | InsidePublicAccounting". Retrieved 2020-10-23.CS1 maint: numeric names: authors list (link)
  19. ^ "Expert's choice: Top accounting apps". Accounting Today. 2020-10-01. Retrieved 2020-10-23.
  20. ^ Shin, Laura. "Kleiner Perkins Makes First Bitcoin Startup Investment With B2B Payments Provider Align Commerce". Forbes. Retrieved 2020-10-23.
  21. ^ "Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs". TechCrunch. Retrieved 2020-10-23.

External links[edit]