Veem Partners with BlueVine to Give Small Businesses Access to Working Capital
March 8, 2024
By: Payment Week
SAN FRANCISCO, CA — March 8, 2024 — Veem, the first global payments platform to use blockchain, today announced a partnership with BlueVine, a leading provider of working capital financing to small and medium-sized businesses, that will allow Veem’s US-based clients to finance their cross-border and domestic payments, and get access to working capital for everyday business expenses.
Cash flow is critical to small businesses yet banks typically approve less than 25 percent of small business loan applications. Lack of easy access to capital causes many small businesses to fail. For US small businesses conducting business internationally, the risk of ending up in a cash crunch is even more pronounced.
“An astounding number, 82 percent according to Entrepreneur, of small businesses fail due to cash flow challenges. Small business owners invest blood, sweat and tears to get their business off the ground and a lack of available capital shouldn’t be the reason a business dies,” said Marwan Forzley, founder and CEO of Veem. “By working with BlueVine, we are providing our customers access to the capital they need when they need it so they can continue living their dream.”
BlueVine’s working capital solutions have provided tens of thousands of business owners with convenient access to funds to address short-term working capital needs. BlueVine offers business lines of credit up to $200,000, and invoice financing up to $5 million.
“BlueVine and Veem have a similar mission — empowering small businesses with the tools they need to succeed. Business owners transacting cross-border have unique working capital challenges, and we’re excited to work with Veem to change that. With this partnership, our two companies are in a even stronger position to provide businesses with the financing they need to conquer their cash flow challenges, ” said, Eyal Lifshitz, CEO of BlueVine. “There’s so much potential with this partnership and we are excited to work closely with the Veem team.”
To learn more, please visit: https://www.bluevine.com/veem
About Veem
Veem is a next generation platform for business-to-business payments. Veem enables businesses to send and receive payments in local currency with a few simple steps using our unique multi-rail technology across several global networks. Founded by a world class team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management, we aim to change the financial payment system through innovation.
About BlueVine
BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations. A fintech pioneer, BlueVine developed a fully-online cloud-based platform for invoice factoring, revolutionizing the 4,000-year old financing system that allows businesses to receive cash advances on outstanding invoices. BlueVine also offers FlexCredit, a business line of credit financing based on 6-month and 12-month payment terms. Based in Redwood City, Calif., BlueVine has provided over $800 million in financing to business owners since 2013 is backed by leading venture capital firms such as Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
