Veem, Freightos Collaborate On Digital Payments For Global Freight

Online payment technology company Veem will be collaborating with digital global freight reservation platform Freightos.com. Veem will be on Freightos.com as an available payments choice, providing users with additional methods to make payments for international freight transportation, according to a Monday (May 3) announcement.

Veem CEO Marwan Forzley said in the announcement that the company’s collaboration with Freightos.com “makes perfect sense.” Freightos.com simplifies reserving and shipping international freight, while Veem simplifies online payment, according to Forzley.

“We’re excited to join forces and provide their customers with access to Veem’s digital payment capabilities,” Forzley said.

Veem and Freightos.com said in the announcement that the expansion of online commerce, especially amid the pandemic, helped fuel an 83 percent rise in small companies started in the third quarter of last year and a 25 percent expansion in eCommerce sales in the first three quarters of last year. But the companies noted that 97 percent of U.S. companies that are small to medium-sized business (SMB) importers are restricted by hurdles in terms of securing international payments and logistics.

“We’re thrilled to partner with Veem, as they have built an incredible payments experience catered to the needs of small and medium-sized businesses sourcing overseas,” Freightos CEO Ruthie Amaru said in the announcement. “Given the massive uptick in small and medium-sized businesses shipping internationally during the COVID-19 pandemic, it’s the perfect time to complement our payment experience with Veem.”

The news comes as Veem introduced central improvements to its routing infrastructure inside of the country and in other countries.

“Our multi-rail technology is a game changer, offering an unprecedented level of security, speed and service to small business owners,” Forzley said in a December announcement.

Veem wrapped up a funding round with $31 million in new capital, as reported in September. Truist Ventures, Truist Financial Corporation’s corporate venture capital arm, headed up the round.