Veem (formerly Align Commerce) is an online payment service provider headquartered in San Francisco since 2014. Veem claims to be the first company to use Bitcoin blockchain to enhance international transactions. It was named among the most promising bitcoin startups of 2014 by Bitpost. It currently operates across 60 countries.
- Country: United States
- Headquarter: San Francisco
- Type: Financial Services
- Cost: $24 million -
- Date: 8-Mar-2017
- Investors: National Australia Bank Ventures, Google Ventures, SBI Investment Co., Kleiner Perkins Caufield Byers, Silicon Valley Bank
In 2014, the former general manager of ecommerce in Western Union (formerly eBillme) left the company to construct his own platform for international transactions. His colleagues Forzley and Carrascoso suggested using Bitcoin under Blockchain technology as the medium for inter-currencies transactions without the reliance on intermediate banks.
In early 2014, Veem was founded in San Francisco by Aldo Carrascoso and Marwan Forzley.
In mid 2014, Carrascoso’s early work on bitcoin protocol applications coupled with his work on the Jukin Media licensing platform allowed them to launch the first version of the multi-rail system.
In April 2015, after launching the application on a private beta mode, the company managed to offer its platform on public beta, claiming to be the first company to successfully use blockchains for international financial transactions. Upon the launch of its beta version the company's services were made available in a total of 34 countries, with the University of Nicosia being among the first clients. A wide range of investors including Pantera Capital, Boost VC, Bitcoin Opportunity Corp and Fenway Summer among others, provided Veem with seed funding in order for the company to develop.
In November 2015, Veem closed a $12.5 million funding round. Along with the funding, KPCB general partner Randy Komisar became a member of Veem's board of directors. Additional investors in the round included Recruit Venture Partners, Pantera Capital, Digital Currency Group, and FS Venture Capital LLC.
Veem offers payment services making use of blockchain databases. When a business sells products or services abroad, it has to issue an invoice notification to the buyer to be paid in the buyer's local currency. The blockchain will then carry the payment to the receiver, bypassing intermediaries banks. The Veem system then converts the currency into the seller's currency and makes a deposit into a bank chosen by the seller.
One of its service is Quickbooks. It provides Small and medium-sized enterprises (SMEs) connections with specialists from finance and accounting sectors, including leverages. Its online service targets at daily online payments from provider worldwide at its own exchange rates. It also provides with payment reconciliation and tracking.
Tribe4 startup accelerator program
It accepts Tribe4 startup accelerator program.
Align Commerce changed its name to "Veem" on March 8, 2017.
- Veem Official website
- Bloomberg - Company Overview of Veem Inc.
- Cross-border payments experts debate Bitcoin remittances - International Business Times
- Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs
See Also on BitcoinWiki
- The Most Promising Bitcoin Startups of 2014
- Global payments startup leverages blockchain engine to reduce cross-border friction
- Payments Veterans Seek to Unlock Blockchain's Power With Align Commerce
- Align Commerce ‘Wants to Kill Bank Wires’ with Blockchain-based B2B Payments System
- Align Commerce Raises $12.5 Million To Simplify Cross Border Payments For Business Using Blockchain
- Boost VC Demo Day: Meet Tribe 4's Bitcoin Startups