NAB Ventures to back American payments fintech

San Franciscan foreign exchange payments company, Veem is $31 million better off after a successful series B funding round led by National Australia Bank’s (NAB) venture capital fund, NAB Ventures.

NAB Ventures general partner, Melissa Widner led the funding round, which totalled USD$24 million and had included investments from GV, Silicon Valley Bank, and Japanese fund, SBI Investments.

“This investment forges a close relationship with the company that will provide insights into user expectations of where technology is heading for cross-border payments,” Widner said.

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“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.”

Widner, who would join the Veem board, said a partnership with Veem would also be highly beneficial for NAB.

“We’re continually looking at services that have the potential to make life easier for our business customers,” she said.

“Their platform provides customers with a great user experience, low fees, fast clearance and great transparency.”

 Veem is the third investment for NAB Ventures.

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