The payments companies REPAY and Veem have formed a partnership that the two entities say will enhance their B2B payment capabilities.
The agreement, announced on Thursday (Sept. 23), will see REPAY expand its cross-border payment delivery options, while Veem uses REPAY’s B2B virtual card and acquiring technologies to expand its own capabilities.
REPAY has also made a minority investment in Veem to support the company’s growth. REPAY financed the investment with cash on hand. Pro forma net leverage should remain at roughly 2.8x, the company said.
“This mutually beneficial commercial agreement and investment strengthens our relationship with a strategic and long-term B2B partner,” said Darin Horrocks, EVP of REPAY’s B2B business. “This should help us unlock more of the massive global B2B payments market, which is estimated at approximately $125 trillion today and anticipated to grow to $200 trillion over the next decade.”
Horrocks added that REPAY will give Veem customers access to his company’s issuing technology and virtual payment capabilities. “This partnership with REPAY will empower business users to conduct globalized business transactions with ease and convenience,” said Bimal Shah, head of corporate development for Veem. “Merchants today demand fast, reliable and secure payments. To meet these needs, we’re excited to join forces and give REPAY users access to our digital payment offerings.”
Veem recently launched two buy now, pay later (BNPL) products, Pay Later and Pay with Card, which are designed to help small and medium-sized businesses accelerate spending for their operations while providing improved cash flow management.
In July, Veem launched Veem Invoicing and Veem Collections as part of a product suite for collecting and receiving payments from 75 countries in local currencies and multiple currencies. These products enable SMBs to build, customize and send invoices and collect payments globally.