Startup Ventures

Veem, a San Francisco-based online global payments platform, was founded in 2014 by Marwan Forzley and Aldo Carrascoso. Initially known as Align Commerce, the company utilizes “multi-rail technology” for payment routing through various methods such as credit cards, checks, or cryptocurrency. Veem’s goal is to make cross-border payments as easy as buying a cup of coffee. The platform is integrated with QuickBooks, Xero, NetSuite, Plaid, Zapier, and the Q2 banking platform.

During the COVID-19 pandemic in April 2020, Veem served as a front-end component for the Small Business Administration Paycheck Protection Program, facilitating loans and customer support for small businesses. The company has received numerous accolades, including being listed in the 2018 Forbes Fintech 50 and recognized as QuickBooks 2017 Top 10 App of the Year, Xero’s 2018 Emerging App Partner of the Year, and a 2020 top accounting app by Accounting Today.

Veem employs a unique money transfer approach, using “alternative rails” to reduce pricing. Initially built on blockchain technology and Bitcoin, it now combines blockchain with traditional financial rails, which are compared and selected in real-time based on the best rates and efficiency. The platform has attracted investments from major players such as National Australia Bank (NAB) Ventures, GV (Google Ventures), Goldman Sachs, Softbank’s SBI Investment Co., Ltd., Kleiner Perkins Caufield Byers, Silicon Valley Bank, Truist Ventures, MUFG Innovation Partners, AB Ventures, Paper Excellence, Myer Family Investments, Trend Forward Capital, and EPAY.

The involvement of a traditional bank like NAB signifies the financial industry’s interest in innovative startups like Veem. With its combination of traditional financial rails and blockchain, Veem presents business opportunities for NAB as both an infrastructure provider and a sales channel for its small business customers.