In a blog post, BlueVine’s Charles Amadon, VP of Business Development & Strategic Partnerships, said as it currently stands, cross-border payments can only be done via a small business owner’s primary bank, a process which is time-consuming, complicated and expensive. Amadon said that’s because traditional banks rely on old technology to enable cross-border payments, which requires involving a number of banks across multiple countries in the transaction flow, making it difficult to administer changes.
Veem changes all that, making it easy for small business owners to send and manage cross-border payments using blockchain technology.
“Veem has been tackling this problem since launching in 2014,” wrote Amadon in the blog post. “The FinTech startup has reinvented the cross-border payments experience with the small business in mind, making it easier and less expensive to send and receive international payments.” Additionally, the payment solution lives online and is quick to setup. “There are no wire fees. Support is one click away. Veem automatically reconciles payments back to your accounting software platform for you. If you’ve done international payments and walked away less than thrilled about the amount of time, effort and mental energy invested, it’s time for a change,” Amadon said.
The partnership comes a year after BlueVine announced Fortress Credit Corp. gave it a $75 million warehouse credit line for its SME working capital financing operations. The latest venture capital funds will be used to fuel BlueVine’s Flex Credit offering, the company said.
“Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers,” said BlueVine Vice President of Finance and Capital Markets Ana Sirbu in a statement. “We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth.”