Align Commerce Raises $24 Million Series B
Align Commerce is known best for making global payments a simple task for SMBs, and it has made strides in terms of funding.
The company recently announced that it has closed a $24 million Series B funding round and rebranded the company as Veem.
This investment, is backed by National Australia Bank Ventures, includes GV and SBI Investment Co., Ltd. and will aid Veem expand into more countries, enable payments in multiple currencies and continue along the path of transforming the global payment process for small businesses.
In addition, Melissa Widner, general partner, NAB Ventures, will also join Veem’s board of advisors. The existing investors Kleiner Perkins Caufield Byers and Silicon Valley Bank also participated in the Series B round. Rebranding to Veem supports the company’s pursuit of modernizing the way small businesses send and of course receive payments.
FX payments is a $25 trillion dollar market. SMBs present a large figure, in fact $6 trillion of that market, however pay $50 billion in fees due to an antiquated wire transfer system that is rather awkward to operate and offers little to no visibility into the status of the actual transfer.
“At Veem, we understand even ‘mom and pop’ businesses must embrace globalization to compete with incumbents, grow their businesses and innovate,” said Marwan Forzley, CEO and founder, Veem. “Unfortunately, the current international payments experience is fundamentally broken, stifling SMBs’ globalization efforts. Our platform creates an experience that is simple and frictionless, allowing businesses to easily Veem payments, data and invoices across the globe.”
“Many companies exist in a crowded international payments market today, but none have been able to distill the complexities of the space into an easy solution,” said Melissa Widner, general partner, NAB Ventures. “Veem goes beyond the domain of foreign exchange-focused organizations and remittance companies by approaching global payments from a non-traditional point of view. This unique perspective has allowed for Veem’s growth and rapid expansion into global markets, and we expect their team and technology to continue to challenge the global payments status quo.”
“Paying international suppliers/partners is complicated, particularly for small & midsize businesses,” said Karim Faris, general partner, GV. “Veem is in a great position to simplify global payments. The team has deep experience in this space and has taken a smart technical approach to the problem. They’ve successfully reduced the process required to reliably move money around the world to a few steps.”