Veem (formerly Align Commerce) is the first global payments platform to use the blockchain technology. Founded in 2014 and headquartered in San Francisco, Veem uses multi-rail technology for international payments. It currently operates across 60 countries.
Video Veem
Background
In 2014, Marwan Forzley and his colleague, Aldo Carrascoso, left Western Union to found Align Commerce. Forzley and Carrascoso believed that blockchain technology could remove the need for intermediate banks when moving money cross border. Align Commerce changed its name to "Veem" on March 8, 2017.
It was named among the most promising bitcoin startups of 2014 by Bitpost. Business Insider named the company on the 38 hot-startups to watch in 2017.
Maps Veem
History
Veem was founded in San Francisco by Aldo Carrascoso and Marwan Forzley in early 2014. In April 2015, the company's platform was released to the public. It became the first company to use the blockchain technology for international money transfers. Its beta version was available in a total of 34 countries, with the University of Nicosia being among the first clients.
Funding
As Align Commerce, the company raised $12.5 million in Series A funding in November 2015 from Kleiner Perkins Caufield & Byers, Recruit Venture Partners and existing seed investors Pantera Capital, Digital Currency Group, and FS Venture Capital LLC. In March 2017, the company (after rebranding to Veem) raised $24 million in a Series B round led by National Australia Bank (NAB) Ventures with participation also from GV (Google Ventures), Softbank's SBI Investment Co., Ltd., Kleiner Perkins Caufield Byers and Silicon Valley Bank.
Multi-rail Platform
Veem's proprietary 'multi-rail' payments platform combines blockchain with traditional banking wire and treasury management rails into one product. The platform leverages multiple payment rails to route money transfers efficiently from point A to point B without the need for intermediary banks and associated banking fees.
How it works
Veem offers global money transfers for businesses using multi-rail technology. Businesses can send, pay and request money across 60 countries. To send money, input the vendor's email address, name, country and amount being sent. Senders can attach invoice information and documents so both parties can see what the payment is for before and after delivery. Once the vendor registers with Veem, they'll be notified each time a payment is sent, before the funds are in the bank. Both parties can then track the payment. Veem also enables businesses to request money using a similar process.
Integrations
QuickBooks
Quickbooks users enter bills into the Quickbooks software, pay with Veem and the payment posts back to Quickbooks. Consequently, the integration provides payment reconciliation and tracking.
Xero
The integration enabled bank statements to be automatically imported and categorized, collaboration with accounting teams and featured invoicing, paying bills, sales tax returns and reporting. In January 2018, Veem won the Emerging App Partner of the Year in Xero Awards Americas.
Netsuite
The integration allowed users to pay bills from NetSuite with Veem. It gave NetSuite users access to real-time payment status, eliminated double entries and allowed for payment reconciliation.
See also
- List of companies based in the San Francisco Bay Area
References
External links
- Official website
Source of the article : Wikipedia
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