Get All Access for $5/mo

MENA Investors AB Ventures And DASH Ventures Give A Boost To US Fintech Startup Veem In Strategic Funding Round The funding round boasts an impressive global investor base, ranging with participants from the US, China, Japan, Australia, Malaysia, Canada and Jordan.

By Pamella de Leon Edited by Aby Thomas

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.


Led by Truist Ventures, US-based global payments platform Veem has raised US$31 million in a strategic round, along with the participation of AB Ventures, the independent corporate venture capital arm of Arab Bank, and Amman-based venture capital firm DASH Ventures. Veem, which aims to simplify remittance services for small businesses worldwide, plans to use the new capital to develop "a robust channel partner program" for the enterprise's geographic footprint, as well improve its product capabilities.

The funding round boasts an impressive global investor base, ranging with participants from the US, China, Japan, Australia, Malaysia, Canada and Jordan. Other participants include MUFG Innovation Partners Co. Ltd., CVC of MUFG, the largest bank of Japan. Previous investors that contributed to this round include GV (formerly Google Ventures), Goldman Sachs, Kleiner Perkins, Silicon Valley Bank, National Australia Bank Ventures and Trend Forward Capital.

"This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem's next stage of global growth," said Marwan Forzley, CEO of Veem, who was an ex-executive at Western Union. "Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts."

According to a statement, Veem is in the process of growing its network of over 225,000 customers, with it sending and receiving money in more than 100 countries. Using its proprietary tech with traditional remittance systems and blockchain tech, as well as integrations with QuickBooks, Xero and Netsuit, Forzley and his team are determined to make Veem the go-to platform for entrepreneurs (as well as their accountants) across international borders.

Having banking institutions invest in the startup certainly shows how traditional entities are seeing the advantage of smaller enterprises such as Veem. And with AB Ventures and DASH Ventures participating in the transaction, it's also an indication how the region's firms are keen to bring more tech and innovation from other markets and to the wider MENA market. Faisal Hakki, Managing Director of AB Ventures, notes that the payments sector has always been on the top of their agenda, and Veem's offering and room for growth was one to watch: "From a value proposition centered on the needs and wants of small businesses and a visionary management team, to its innovative business model and proprietary underlying technology, Veem is a clear category leader in business payments."

DASH Ventures Managing Director Omar J. Sati also stated his excitement in being part of the cap table: "We are thrilled to be joining forces with AB Ventures in this inaugural co-investment; Veem stands out as a class leader in the networked business-to-business space," he said. "The combination of their innovative networked go-to-market approach, rich product features, and potential channels for future monetization all make for a very compelling proposition both as a technology company and as the latest addition to our growing fintech portfolio."

Related: Take The Lead: The Race Is On For The First Fintech Unicorn To Emerge Out Of The Middle East And Africa Regio

Pamella de Leon

Startup Section Editor, Entrepreneur Middle East

Pamella de Leon is the Startup Section Editor at Entrepreneur Middle East. She is keen on the MENA region’s entrepreneurship potential, with a specific interest to support enterprises and individuals creating an impact.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Thought Leaders

10 Reasons Why Good Customer Service Is Your Most Important Metric

Attracting a new customer is just too difficult and expensive to lose the relationship because you didn't treat them right.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Growing a Business

How to Find a Manufacturer or Supplier for Your Product 2023

Suppliers are essential to almost every business. Keep reading to learn how to find and work with suppliers and vendor additions.

Business News

Bill Gates Recommends These Books for Your Summer Reading List

The four books recommended by the Microsoft founder all "touch on the idea of service."