NAB Ventures, the National Australia Bank’s fund, has led an investment round in San Francisco-based foreign exchange payments company Veem.
Veem leverages blockchain technology to allow organisations to send and receive payments in local currency.
“Technology in the global payments and foreign exchange space is evolving rapidly as customers identify new platforms to help them do business quickly and easily,” says Melissa Widner, the NAB Ventures general partner.
The NAB fund led a series B funding round totalling $US24 million ($A31 million), which included investments from GV (formerly Google Ventures), American venture capital firm Kleiner, Perkins, Caufield & Byers, Silicon Valley Bank and Japanese fund SBI Investment.
The deal is the third investment by NAB Ventures, following taking a stake in Sydney startup Data Republic last year and a seed investment in health tech Medipass Solution.
“We identified Veem as a market leader in both technology and business model,” Widner says.
“This investment forges a close relationship with the company that will provide insights into user expectations of where technology is heading for cross-border payments.”
Veem CEO and co-founder Marwan Forzley says the current international payments experience is fundamentally broken.
“Veem’s platform creates an experience that is as simple and frictionless as the current process is cumbersome and frustrating,” says Forzley.
Randy Komisar, a partner at Kleiner Perkins, says: “Business to Business foreign exchange payments is undergoing massive change and we’re looking forward to working alongside all of the other investors in Veem, including NAB, in the future.”