Blockchain payments startup Veem gets USD 25 million from Goldman Sachs

Friday 28 September 2018 13:35 CET | News

US-based banking corporation Goldman Sachs has led a USD 25 million strategic funding round for blockchain payments startup Veem.

The funding round also received participation from GV (formerly Google Ventures), Trend Forward Capital, Extol Capital, Kleiner Perkins, and Pantera Capital, among others investors.

Veem is a startup that uses digital ledger technology to increase the efficiency of small business payments. It uses Bitcoin (BTC) to connect its clients’ bank accounts with suppliers, processing more than half of its transactions with the cryptocurrency as a substitute for correspondents.

The blockchain startup previously concluded a USD 26 million Series B funding round in March 2018. According to the press release, Veem now serves 80,000 small businesses in 96 countries. With this latest funding round, Veem plans to develop new partner integrations, as well as “rely on increased automation, including built-in anti-money-laundering and know-your-customer compliance,” Coin Telegraph has cited Forbes.

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Keywords: Goldman Sachs, funding, cryptocurrency, blockchain, DLT, Veem
Countries: World