The round was led by strategic investor National Australia Bank (NAB) Ventures, with participation from GV (Google Ventures), Softbank’s SBI Investment, Kleiner Perkins Caufield Byers and Silicon Valley Bank.
Veem plans to use the funds expand into more countries and add new products. The startup is currently active in 60 countries and makes revenues on a flat USD 15 receiving fee; and foreign exchange rates.
The company combines “alternative” financial rails like the blockchain with more traditional bank rails to provide remittance services for for SMBs.
NAB, GV and SBI are all new investors in the company, which has to date now raised over USD 40 million and counts Boost VC and more among other existing backers, reports TechCrunch.
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