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.