Arab Bank invests in US-based Veem
Source: The fintech times
Veem, the fast-growing global payments network built for businesses, recently announced the closing of a $31 million capital raise, led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation — the 6th largest commercial bank in the U.S. This investment will go towards the development of a robust channel partner program that will widen Veem’s geographic footprint as well as 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 the Middle East. Veem is supported by forward-looking banks and major venture capital firms who share Veem’s commitment to better enabling global commerce participation for small- to midsize businesses.
Round participants include MUFG Innovation Partners, the largest bank in Japan, as well as AB Ventures, the venture arm of Arab Bank, the largest bank in the Middle East and Africa. 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.”
