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 startup 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.
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Marwan Forzley, CEO of Veem said, “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. 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.”
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 in this round include: GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures, and Trend Forward Capital.
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