Veem Explained

Veem
Former Name:Align Commerce
Type:Private
Industry:Payment services
Foundation:San Francisco
Hq Location:San Francisco
Location Country:United States
Area Served:Global: Europe, United States, Canada, Asia-Pacific, Latin-America
Products:International Payments, Domestic Payments, Accounting Integrations, Working Capital, Digital Wallets
Services:Financial Services

Veem, formerly Align Commerce,[1] is a San Francisco–based online global payments platform founded in 2014 by Marwan Forzley and Aldo Carrascoso.[2] The company uses a payment routing method they refer to as "multi-rail technology,"[3] where transactions are routed through different methods, or "rails", such as credit cards, checks, or cryptocurrency.[4]

History

Veem was founded by Marwan Forzley and Aldo Carrascoso in 2014 as Align Commerce. Forzley and Carrascoso came up with the concept to make cross-border payments, "as easy as purchasing a cup of coffee."[5] Veem is integrated with QuickBooks, Xero, NetSuite, Plaid, Zapier and Q2 banking platform.[6] [7]

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]

Recognition

Investors

Veem's investors include National Australia Bank (NAB) Ventures, GV (Google Ventures), Goldman Sachs, Softbank's SBI Investment Co., Ltd., Kleiner Perkins Caufield Byers, Silicon Valley Bank, Truist Ventures, MUFG Innovation Partners, AB Ventures, Paper Excellence, Myer Family Investments, Trend Forward Capital, and EPAY.[13]

External links

Notes and References

  1. Web site: Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs. 2020-10-23. TechCrunch. en-US.
  2. Web site: 2020-06-26. Podcast 253: Marwan Forzley of Veem. 2020-10-23. Lend Academy. en-US.
  3. Web site: LFP161 – Global B2B Payments & Multi-Rail Technology w/Marwan Forzley CEO Veem . 2020-10-23. londonfintechpodcast.com.
  4. Web site: Levy. Ari. 2018-02-18. There's a lot of blockchain hype, but money-transfer start-up Veem is using it today. 2020-10-23. CNBC. en.
  5. Web site: Staying true to Ottawa roots, San Francisco's Veem brings money transfer solution to Canada. 2020-10-23. Ottawa Business Journal. en.
  6. Web site: Veem opens up global payments platform to developers with new API . 2022-07-05 . TechCrunch . en-US.
  7. Web site: How 'Embedded' Payment Providers are Transforming Fintech . 2022-07-05 . Finance Magnates . 31 January 2020 . en.
  8. Web site: Payments Industry News & Analysis . 2022-07-05 . American Banker . en.
  9. Web site: Sharf. Samantha. Forbes Fintech 50 2018: The Newcomers. 2020-10-23. Forbes. en.
  10. Web site: 2018-01-23. App Showdown Finalist Profile – Veem: A Modern Solution for Wire Payments. 2020-10-23. QuickBooks. en-US.
  11. Web site: January 26, 2018. Veem Wins Emerging App Partner of the Year in Xero Awards Americas . InsidePublicAccounting. 2020-10-23. en-US.
  12. Web site: 2020-10-01 . Expert's choice: Top accounting apps . 2022-07-05 . Accounting Today . en.
  13. Web site: Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs. 2020-10-23. TechCrunch. en-US.

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