Australia’s NAB Ventures leads $24m Series B in payments provider Veem

Visual of Veem homepage. March 2017.

National Australia Bank Ventures (NAB Ventures) has led a $24-million Series B investment in San Francisco-based Align Commerce, a payment service provider.

Other participating investors include Kleiner Perkins Caufield & Byers (KPCB), GV (formerly Google Ventures) and SBI Investment Co Ltd.

In addition to the funding, Align Commerce has been rebranded as Veem, while Melissa Widner, a general partner at NAB Ventures, has been added to Veem’s board.

The proceeds from this round will go towards international expansion and enable payments in additional currencies.

Veem aims to reduce the friction of global payment processes for SMEs (small & medium enterprises) operating in the cross-border payments, which is valued at $25 trillion, with SMEs reportedly representing $6 trillion of that.

However, Veem claims that they (SMEs) pay $50 billion in fees due to an antiquated wire transfer system that is cumbersome to use and provides little visibility into the status of transfers.

Via its platform, it claims to provide SMEs with an end-to-end payment experience that is simple, trackable and integrated into the rest of the businesses’ processes.

Integrating blockchain into what it calls a multi-rail technology platform, Veem routes payments and connects the various elements of the international payment process. Veem’s platform permits small businesses to send and receive payments using only an email address.

“At Veem, we understand even ‘mom and pop’ businesses must embrace globalization to compete with incumbents, grow their businesses and innovate,” said Marwan Forzley, CEO and founder, Veem.

“Many companies exist in a crowded international payments market today, but none have been able to distill the complexities of the space into an easy solution. Veem goes beyond the domain of foreign exchange-focused organizations and remittance companies by approaching global payments from a non-traditional point of view,” said Melissa Widner, general partner, NAB Ventures.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.