San Francisco-based startup Veem, a blockchain-powered payment service for small businesses, has reportedly raised $25 million in a funding round led by Goldman Sachs, with GV (formally Google Ventures), Kleiner Perkins and Silicon Valley Bank also participating.
In case you missed it, Veem announced the close of our most recent strategic funding round led by @GoldmanSachs! Big thanks to new and existing investors @GVteam, @PanteraCapital, @kpcb, and everyone else who helped make this happen.
— Veem (@GoVeem) September 26, 2018
According to the announcement, Veem plans to use the funding to further expand its multi-rail platform that leverages blockchain technology to ensure speed, security, and the lowest possible fees by automatically finding the best possible path for each international fund transfer. This technology is a natural progression from the SWIFT payment system.
“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,” said Marwan Forzley, CEO and Founder of Veem.
Veem notes that its customer base has exploded to over 80,000 small businesses in 96 different countries.
GV general partner Karim Faris, who led the investment in Veem, recently told Forbes that the company could be the first bitcoin startup to go public.
“We’re not a strategic investor. It’s definitely not a strategic thing. It’s an opportunity to create a stand-alone company and in the process make a financial return on a good exit or an IPO down the line,” said Faris, who also sits on Veem’s board of directors.
The latest fundraising round brings Veem’s total amount raised to $69.3 million.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.