Ultimate magazine theme for WordPress.

Goldman Sachs and Google Invest in Blockchain Payment Startup Veem

9,583

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 (Google Ventures), Kleiner Perkins and Silicon Valley Bank also participating.

- Advertisement -

According to the announcement, Veem plans to use the funding to further expand its multi-rail platform that leverages blockchain technology to ensure security, speed 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,” stated 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 $69.4 million.

2 Comments
  1. Colin Stjohn says

    Hello.This post was extremely motivating, particularly because I was investigating for thoughts on this matter last Monday.

  2. Cryptocurrency Institute says

    Way cool! Some very valid points! I appreciate you writing
    this post and also the rest of the site is very good.

Leave A Reply

The team of DiaryCoin would like to keep you updated with the lastest crypto-news

Would you like to?