Align Commerce, the global payments platform for small businesses, recently announced it has closed a $24 million Series B funding round and renamed the company to Veem. The investment, led by National Australia Bank (NAB) Ventures, includes GV (formerly Google Ventures) and SBI Investment Co., Ltd. and will help Veem expand into more countries, enable payments in additional currencies, and continue to transform the global payment process for SMBs. Melissa Widner, general partner, NAB Ventures, will also join Veem’s board. Existing investors Kleiner Perkins Caufield Byers and Silicon Valley Bank also participated in the Series B round. Rebranding to Veem supports the company’s commitment to modernizing the way small businesses send and receive payments.
Cross-border payments is a market value at $25 trillion. SMBs represent $6 trillion of that but pay $50 billion in fees due to outmoded wire transfer systems that are transparent and awkward. Veem’s platform provides SMBs with an end-to-end payment experience that is simple, trackable and integrated into the rest of the businesses’ processes. It also allows businesses to make Veem payments between multiple geographies and in various currencies without worrying about where their money is.