Financial giant, Goldman Sachs along with Google Ventures, have collaborated, to fund a Bitcoin based cryptocurrency startup named Veem. Veem made the announcement official on September 26, 2018 in an official blog post.
Founded in 2014, Veem is a global payment platform, started by an ex-Western Union employee, Marwan Forzely. Furthermore,The startup was rebranded from Align Commerce to Veem.
More about the Funding
Veem has reportedly secured a whopping $25 million capital through strategic funding round held by Goldman Sachs. Since, May 2015, this has been the largest funding the company received in terms of capital. Furthermore, the Managing Director of Goldman Sachs, Rana Yared, has been assigned as the Board Observer for the startup.
Veem aims to make overseas cross-border payments easy for small and medium-sized businesses. Most startups use the Swift Technology, to make payments. Furthermore, this technology costs a hefty sum of fees, for international payments. Also, the method of the transactions was not safe and secure or even transparent for that matter.
Veem uses the blockchain technology to offer international payments. Furthermore, as any other blockchain based payment solutions, this also ensures immediate safe and secure transaction, with proper transparency. Furthermore, the startup uses Bitcoin to handle the traders and investors.
The startup has been growing exponentially. From getting 590 customers in its series A round of funding to a whopping figure of 18,000 in its series B round. Furthermore, according to the startup, they have acquired over 80,000 customers in over 95+ countries.
Marwan Forzley, founder of Veem stated this. “We’re thrilled to have Goldman Sachs lead our investment round. This funding will help us expand our footprint, increase our distribution and form new strategic partnerships. Whatever you do in life, at the end of the day there’s a payment…Payment technology is at the core of what people do and their livelihood.”
Goldman Sachs has been pursuing blockchain based startup to improve the banking sector. While, Google Ventures has invested for a good profit in the future.