Veem, the payments company that targets international payments for SMEs, announced a $25 million funding round led by Goldman Sachs. Other funders include Google Ventures, and it brings total funding to almost $70 million according to CrunchBase.
Veem is integrated with Quickbooks, Xero, and Netsuite to make it seamless for SME’s to make international payments. It uses its ‘multirail’ approach to find the best way to make payments depending on the source and destination.
But behind the scenes, it mainly uses cryptocurrencies for the transfers, though sometimes SWIFT is used. As Veem transparently integrates with the banking system, transactions are seamless for end users. This is reminiscent of CiclePay’s person to person payments.
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