FT Partners The Only Investment Bank
Focused Exclusively on FinTech
  • San Francisco
  • New York
  • Miami
  • London

FT Partners Advises Veem on its $31,000,000 Financing Led by Truist

Overview of Transaction

  • On September 16, 2020, Veem announced the closing of a $31 million capital raise, led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC) — the 6th largest commercial bank in the U.S.
  • Round participants include MUFG Innovation Partners Co. Ltd., the corporate venture arm of Mitsubishi UFG Banking Group, as well as AB Ventures, the venture arm of Arab Bank
  • Existing investors that participated in this round include GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital
  • International transfers are built on an outdated, 40-year-old system based on processes and technology that have left small businesses underserved and overcharged; with more than 225,000 customers and counting, sending and receiving money in more than 100 countries, Veem’s proprietary technology combines the best of traditional systems with the flexibility and speed that blockchain technology and digital wallets can provide
  • Through world-class integrations with QuickBooks, Xero and NetSuite, Veem has built a path for business owners and their accountants to collaborate and build a global network

Significance of Transaction

  • This investment will go towards the development of a robust channel partner program that will widen Veem’s geographic footprint; as the company focuses on its scaling efforts, Veem is also committed to further improving and expanding its product suite and capabilities

FT Partners' Role

  • FT Partners served as exclusive financial and strategic advisor to Veem and its Board of Directors
  • This transaction underscores FT Partners' deep Payments domain expertise and successful track record of deals with cross-border and FX payments companies