Blockchain-based cross-border payments service provider Align Commerce has picked up $24m and rebranded to Veem.
National Australia Bank (NAB) Ventures led the Series B round with Alphabet’s GV and Japanese financial giant SBI Investments also participating.
Existing backers Kleiner Perkins Caufield & Byers and Silicon Valley Bank also invested in the San Francisco company.
Veem’s ‘multi-rail’ payments platform utilises blockchain and traditional banking wires to carry out cross-border transactions for SMEs at a greatly reduced cost.
The company claims SMEs represent $6 trillion of the global cross-payments market but pay as much as $50bn in fees through traditional payments routes.
Veem’s platform converts funds into bitcoin and pays recipients in their national currency while removing banking intermediaries.
The firm’s CEO Marwan Forzley said: “At Veem, we understand even ‘mom and pop’ businesses must embrace globalization to compete with incumbents, grow their businesses and innovate,
“Unfortunately, the current international payments experience is fundamentally broken, stifling SMBs’ globalization efforts.
“Our platform creates an experience that is simple and frictionless, allowing businesses to easily Veem payments, data and invoices across the globe.”
Currently operating across 60 countries, the company will use the capital to expand into new markets and support more currencies.
As a result of the deal NAB Ventures general partner Melissa Widner will join the company’s board.
She said: “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.
“This unique perspective has allowed for Veem’s growth and rapid expansion into global markets, and we expect their team and technology to continue to challenge the global payments status quo.”
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