273: Veem, The Company That Makes Global Payments Simple For Small Businesses.
Veem (formerly Align Commerce) is a next generation Payment Service Provider (PSP). The platform enables businesses and payment platforms to send and receive payments in local currency via a simple, frictionless and inexpensive manner by using the block chain as a new settlement rail.
Since the rebranding to Veem and raising $24 million, the startup is now active in 60 countries. The service prides itself in transforming the cross-border payments process for SMB’s –which is a $25 trillion market. There are currently $50 billion in fees due to an antiquated wire transfer system that takes too long, is too complex and is not designed to meet the needs of small businesses globally.
The global payments industry is currently a patchwork system that involves multiple financial institutions and currency exchanges, introducing numerous fees and confusion. Now, by intelligently routing wire transfers between different payment rails, including blockchain, the company’s multi-rail technology connects the disparate parts of the international wire transfer process, bringing the simplicity of consumer payments to small businesses by enabling them to send and receive payments using only an email address.
Marwan Forzley is an innovator and a visionary with a passion for launching new products into new markets, domestic (US) and international, building companies with great teams, strong technology, barriers to entry and early mover advantage. Forzley has also operated and managed very small teams in start-ups as well as large teams in global, Fortune 500 companies. Experienced in capital raising, strategic BD, M&A, sell-side deals, and buy-side deals.
When I learned that Veem were attempting to simplify global business payments by rethinking wire transfers, invited CEO and founder Marwan Forzley onto the show to find out more about how they are removing the middleman from international transactions.