San Francisco-based startup Veem, a payment service for small businesses using the bitcoin blockchain, raised $ 25 million in a funding round led by Goldman Sachs, GV (Google Ventures), Kleiner Perkins and Silicon Valley Bank.
According to adVeem plans to use the funding to further expand its platform, which uses blockchain technology to ensure speed, security and lowest possible fees by automatically finding the best path for every international transfer of funds. This technology is a natural continuation of the SWIFT payment system.
“We are very pleased that Goldman Sachs will conduct our investment round. This funding will help us expand our reach, increase distribution, and form new strategic partnerships,” said Marwan Forzli, Veem CEO and Founder.
Veem notes that his client base has already reached more than 80 000 small businesses in 96 different countries.
Instead of relying on a number of intermediaries to move money between different jurisdictions around the world, the last company Marwan, Veem, uses Bitcoin and although none of the counterparties are required to use it directly, the algorithm automatically routes transactions in the most efficient way and more than half of the transactions processed by Veem rely on cryptocurrency as a temporary mediator.
The latest investment round brings the total amount for Veem of $ 69 300 000.