San Francisco based payment service provider Veem has raised $24m in Series B funding led by National Australia Bank Ventures. The specific focus for Veem — which was founded by Marwan Forzley, a former executive atWestern Union — is SMBs across international borders.
Remittances — the business of money transfers — is a fragmented and huge market, currently estimated to be worth some $25 trillion annually. Now, one of the more interesting startups in the field — which combines “alternative” financial rails like the blockchain with more traditional bank rails to provide faster and cheaper remittance services for small and medium businesses (think Venmo for SMBs) — has raised a new round of funding and is rebranding as it gears up to claim a bigger stake in the field. Veem plans to use the funds expand into more countries and add new products. The startup is currently active in 60 countries (you can see the full list of where money can be sent and received here), and makes revenues on a flat $15 receiving fee (it’s free to send); and foreign exchange rates.