Veem launches rewards program for cross-border B2B payments

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The cross-border B2B payments startup Veem is introducing a rewards program to help drive repeat usage and expand its network.

Veem users may earn $1 to $50 for each qualifying cross-border transaction. Targeting a mostly small-business user base of about 100,000 businesses in 96 countries, the San Francisco-based Veem expects to capitalize on the popularity among business owners of collecting airline and credit miles points, according to Marwan Forzley, Veem’s founder and CEO.

“Offering rewards for something where the customer has various choices plays to an established behavior, and we don’t know of another international business payments service doing it,” Forzley said in an interview.

Users may earn $1 for every $2,000 send from U.S. dollars to a recipient in foreign currency and $2 for each new-customer invitation sent. Users also may earn $20 for invoicing a new customer through Veem and $50 for each referral that joins Veem.

Veem’s browser-based service enables users to send funds to recipients using only their email address; Veem’s platform automatically finds the most efficient route using a combination of traditional bank payment rails, blockchain and partnerships, earning revenue on currency conversions.

Since its launch in 2015, Veem has raised $70 million in venture funds and service a diverse mix of international businesses ranging in size from a few employees up to about 100, Forzley said.

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B-to-B payments Payment processing Cross border payments