• Published on 9 March 2017
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NAB backs payments fintech

National Australia Bank’s venture capital fund, NAB Ventures, has led an investment round into a San Francisco-based foreign exchange payments company.

Veem (formerly known as Align Commerce) provides a platform that leverages blockchain technology for cross-border business to business payments, enabling organisations to send and receive payments in local currency.

NAB Ventures General Partner Melissa Widner led the series B funding round totalling $25 million, which also included investments from GV (formerly Googles Ventures), American VC firm Kleiner Perkins Caufield & Byers, Silicon Valley Bank and Japanese fund SBI Investment Co. Ltd.

Rapidly evolving

The deal is NAB Ventures third investment, following announcement of a stake in Sydney startup Data Republic last year, along with seed investment in health tech Medipass Solution in February.

"Technology in the global payments and foreign exchange space is evolving rapidly as customers identify new platforms to help them do business quickly and easily, their platform provides customers with a great user experience, low fees, fast clearance and great transparency," Widner said.

Re-disseminated by The Asian Banker from Finews.Asia