Cross-border payments firm Veem is introducing a rewards program for its business customers.
An announcement made on Tuesday (Feb. 19) said the company is rolling out VeemRewards, a cash-back rewards program for businesses that use Veem to send payments across borders. Rewards can be earned by adding new businesses to their supply chains, invoicing new customers or making payments via Veem.
“International bank wire technology hasn’t been updated since the 1970s,” said Veem Founder and CEO Marwan Forzley. “Small businesses deserve a better user experience, less expensive payment process and efficient systems. We’re disrupting outdated bank wires and slow international payments with our payments platform, and VeemRewards is the next stage of that disruption.”
The launch coincides with Veem reaching its 100,000-customer mark across 96 countries, the company said.
Veem announced a venture capital funding round last September led by Google’s GV and Goldman Sachs, while existing backers also participated. At the time, the company had pegged its customer base at 80,000.
The company deploys bitcoin to enable seamless cross-border payments for both businesses and consumers, bypassing the traditional correspondent banking model.
The firm has also recently announced a partnership with BlueVine, enabling small businesses using BlueVine’s financing services to access Veem’s global payments services. In a statement last March, BlueVine VP of Business Development and Strategic Partnerships Charles Amadon said Veem had “reinvented the cross-border payments experience with the small business in mind, making it easier and less expensive to send and receive international payments.”
Veem also introduced its API last year to enable third parties to integrate cross-border payments functionality into their own solutions. Companies including logistics firm Cargocentric, staffing solutions provider EliteWork and accounting company HireAthena were named as early adopters of the API.
When the API solution was announced, Veem Vice President of API Product Cheung Tam said the company was “surprised to see the variety of companies that found Veem and started to build using our API.”