Money remittance game changer raises new funding, renamed Veem
Veem recently disclosed receiving $24 Million in new funding. The sum of investments from National Australia Bank, GV (formerly known as Google Ventures), Kleiner Perkins Caufield and Byers, SBI Investments Co Ltd, and Silicon Valley Bank will be allotted for expansion into more countries and addition of new products.
The money remittance company formerly known as Align Commerce processes several hundreds of millions of cross border businesses including OFW payments in over 60 countries. Veem has offices in three continents. Founded by Filipino techpreneur Aldo Carrascoso in 2014, the reliable and real time system of sending and receiving payments via email is designed to replace the complex and costly telegraphic transfers, wire systems and SWIFT, by bypassing the banks, or the middlemen. It uses a combination of proprietary multirail payment systems and the blockchain, described as one of the fastest growing areas for tech investment.
Prior ventures by Carrascoso include verego.com, a matchmaking service for businesses and Jukin Media / Jukin Technologies, now one of the largest user-generated licensing platforms in the world, located in 221 markets, servicing nearly every major television network with content, and has over 35 billion views online.
Through his participation in the Science & Technology Advisory Council (STAC) - Silicon Valley, Carrascoso contributes to elevating Philippinebased start-ups and giving them real world Silicon Valley type of training. Very eager to share what he has learned in Silicon Valley with young Filipinos who want to enter the tech industry, Carrascoso also works with Philippine local organizations to promote entrepreneurship and bring the Silicon Valley type of thinking to the Philippines. Furthermore, he is in collaboration with a number of universities on various curriculum, mentoring and workshop programs.