Veem, a cross-border payments platform that uses bitcoin to move funds among businesses without the need of banks, has raised $25 million in a round led by Goldman Sachs, according to Forbes.
The service, which does not require either counterparty to hold bitcoin directly, has quadrupled its revenue in the past year. Also participating in the funding round were GV (previously known as Google Ventures), Kleiner Perkins, Pantera Capital, Silicon Valley Bank, and Trend Forward Capital.
Founded by Marwan Forzely, who previously developed and sold a service to Western Union to allow the transfer provider to connect to customer bank accounts directly, Veem uses an algorithm to route transactions automatically among the most efficient payment rails.
The onboarding process will deploy increasing levels of automation that will include built-in KYC/AML compliance.
Read more: https://www.ccn.com/google-backed-fintech-startup-uses-bitcoin-for-cross-border-settlement/
