Align Commerce, a US-based blockchain-based cross border business payments startup, has raised $24m in a Series B funding round led by strategic investor NAB Ventures and rebranded the company to Veem.
In addition to NAB, Google Ventures, American VC firm Kleiner Perkins Caufield & Byers, Silicon Valley Bank, and Japanese fund SBI Investment also partipated in the funding round.
As part of the deal, NAB Ventures general partner Melissa Widner will join Veem's board.
Commenting on the deal, Widner said: "Many companies exist in a crowded international payments market today, but none have been able to distill the complexities of the space into an easy solution. Veem goes beyond the domain of foreign exchange-focused organizations and remittance companies by approaching global payments from a non-traditional point of view.
“This unique perspective has allowed for Veem's growth and rapid expansion into global markets, and we expect their team and technology to continue to challenge the global payments status quo."
Veem said it intends to use the funds to expand into more countries, enable payments in additional currencies, and continue to transform the global payment process for SMBs.
Veem CEO and founder Marwan Forzley said: "At Veem, we understand even 'mom and pop' businesses must embrace globalization to compete with incumbents, grow their businesses and innovate. Unfortunately, the current international payments experience is fundamentally broken, stifling SMBs' globalization efforts.
“Our platform creates an experience that is simple and frictionless, allowing businesses to easily Veem payments, data and invoices across the globe," Forzley added.