Veem to use funding to drive scale and global commercialization
Veem CEO Marwan Forzely in Times Square, New York City on September 25, 2018.
Amman – September 23, 2020 – AB Ventures, the independent Corporate Venture Capital arm of Arab Bank – the largest Jordanian Bank and one of the leading financial institutions in the Middle East and North Africa – took part in the $31M strategic capital raise for Veem. Investing alongside AB Ventures in the MENA region is Amman-based Venture Capital firm DASH Ventures. This investment will go towards the development of a robust channel partner program to widen Veem’s geographic footprint. As the company focuses on scaling, Veem is also committed to further improving and expanding its product suite and capabilities.
This funding round builds on Veem’s already expansive global investor base, with participants from the United States, China, Japan, Australia, Malaysia, Canada, and Jordan. The funding round was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC) — the 6th largest commercial bank in the U.S. Round participants include MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank in Japan. Existing investors that participated this round include: GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.
“This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth.” said Marwan Forzley, CEO of Veem. “Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts.”
Aimed at revolutionizing international money transfers for businesses, Veem is helping its growing network of over 225,000 customers, send and receive money in more than 100 countries. Veem’s proprietary technology combines the best of traditional systems with the flexibility and speed that blockchain technology and digital wallets can provide. Through world-class integrations with QuickBooks, Xero and NetSuite, Veem has built a path for business owners and their accountants to collaborate and build a global network.
“The payment and money transfer vertical has been high on our agenda since day one. Veem stood head and shoulders above its peer group in every aspect; from a value proposition centered on the needs and wants of small businesses and a visionary management team, to its innovative business model and proprietary underlying technology, Veem is a clear category leader in business payments,” said Faisal Hakki, Managing Director of AB Ventures. “We are particularly excited about Veem’s headroom for growth in this multi-trillion dollar (by volume) global payments market made possible by its integrated, cost-effective and networked multi-rail routing payments engine.”
Omar J. Sati, Managing Director of DASH Ventures added: “We are thrilled to be joining forces with AB Ventures in this inaugural co-investment; Veem stands out as a class leader in the networked business-to-business space. The combination of their innovative networked go-to-market approach, rich product features, and potential channels for future monetization all make for a very compelling proposition both as a technology company and as the latest addition to our growing FinTech portfolio.”
To learn more about Veem, visit https://www.veem.com/.
Veem simplifies the way businesses send and receive funds globally. Trusted by more than 225,000 businesses in over 100 countries, Veem offers a suite of payment services to establish and strengthen partner and supplier relationships. Veem’s secure, trackable transactions combined with seamless integrations with popular business applications enable businesses to save time and money, while mitigating risk generally associated with international funds transfers. Veem is licensed and regulated in each country and state it serves.
About AB Ventures
A key pillar in Arab Bank’s Digital Innovation Strategy, AB Ventures was set up in 2018 as the bank’s independent Corporate Venture Capital arm. AB Ventures demonstrates the bank’s commitment towards embracing digital innovation by investing directly in the next wave of innovative financial solutions, and – integrating them where relevant – into the financial services’ value chain across multiple markets. AB Ventures invests globally in early-stage scalable Financial Technology businesses. Focus is on both consumer and enterprise facing business models with a preference for companies building proprietary products and services that can demonstrate desirable network effects across Financial Industry verticals, build enabling technologies for multiple industries, facilitate the onset of new decentralized technology backbones, or any combination thereof!
About DASH Ventures
DASH Ventures is a venture capital firm that invests in early-stage tech start-ups, predominantly across the MENA region but also globally, through an evergreen structure designed to allow us to support founders for an indefinite time horizon.
As a private partnership of entrepreneurs and business experts, DASH harnesses decades of experience building and backing successful regional and international companies to integrate our portfolio into a global network that spans a variety of industries including technology, healthcare, financial services, and government, delivering access to investors, acquirers, partners, and customers.
We focus on companies that are working to make the world a better, safer, and more sustainable place, and can demonstrate a unique edge over other players in the market.
Our thesis is built on several key principles – we must share the passion of the founders we invest in, trust and transparency are the foundation of any successful relationship, growth and efficiency are not mutually exclusive.