San Francisco-based Align Commerce, which leverages blockchain and other technologies to enable cross-border payments for small- to midsize businesses, has rebranded itself as Veem and landed $24 million in funding to expand its operations.
National Australia Bank Ventures, GV (formerly Google Ventures) and SIB Investment Co. led the Series B funding round, also backed by existing investors including Kleiner Perkins Caufield Byers and Silicon Valley Bank, Veem said in a March 8 press release.
Veem will use the funds to expand its services to more countries and additional currencies, said Marwan Forzley, a payments entrepreneur who launched Align in 2014. Forzley is a former Western Union executive who joined the funds-transfer company after it bought eBillMe, where he was CEO.
Veem routes payments between different rails, including blockchain, to streamline transactions for smaller companies across borders. “At Veem, we understand even ‘mom and pop’ businesses must embrace globalization to compete with incumbents, grow their businesses and innovate,” Forzley added in the release.