Goldman Sachs leads $25m funding for blockchain payments start-up

September 28, 2018
Chris Wheal

Goldman Sachs, the US financial services giant, was announced on Thursday as the lead investor in a $25m funding round for Veem, a blockchain payments start-up based in Silicon Valley.

Veem announced its third round of funding was aided by a number of new and existing investors, including Google Ventures, Silicon Valley Bank, Extol Capital, Trend Forward Capital, Kleiner Perkins and Panter Capital. The announcement didn’t provide details on contributions from Goldman Sachs or the other named investors.

Expansion

The $25m funding round follows a $26m series B round that concluded in March 2017, when the company rebranded to Veem from Align Commerce.

Veem said it aimed to use the funds to continue its growth in the payments sector by leveraging its blockchain to expand its “global network of small businesses connected through seamless payments”.

The company has grown rapidly since it was formed in 2014. It said that at the completion of its series A funding it had 590 customers, expanding to 18,000 at the end of its series B funding.

Following the completion of this latest funding round, the number had grown to more than 80,000 small businesses in 96 countries, the company said.

New partners

“We’re thrilled to have Goldman Sachs lead our investment round,” said Marwan Forzley, chief executive and co-founder of Veem.

“This funding will help us expand our footprint, increase our distribution and form new strategic partnerships.” he added.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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