Veem is a next generation payment service provider (PSP) for global commerce.
Veem (formerly Align Commerce) is a global payments platform, using SWIFT, treasury and cryptocurrency, typically bitcoin. It was formerly known as Align Commerce, changing its name on 8 March 2017.
Payments are sent using various rails, the one used being determined internally when a payment is sent. Customers in 60 countries can receive payments, and customers in 24 of those can send payments. Their target customers are freelancers and businesses offering offshore services. Most transactions are cryptocurrency, though cryptocurrency is only used for 10% of value sent.
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.