IBS Journal April 2017
11
Paytm spreads its wings
launched in Canada. It’s the Alibaba-backed company’s first foray into the international market, enabling users to pay their mobile phone, cable, internet, water and electric- ity bills as well as their insurance and property taxes via the Paytm Canada app.
I
The company started out in the country in 2014 as a two- member operation in Toronto, working out of local libraries. “Its been a while since then, and the Paytm Labs team today is a 55-member strong team of Software, Data and Machine Learning engineers who build technologies for the world’s fastest growing mobile payments and commerce ecosystem,” the company says in a blog post, adding: “This is just the beginning. We’ll soon expand our services
ndia’s largest mobile wallet, Paytm, has
by adding a full lineup of new use-cases that will make life easier for consumers.”
Scott Thompson NAB Ventures backs Veem
Ventures, has led a $25 million Series B funding round in US foreign exchange payments venture, Veem. The deal is NAB Ventures’ third investment, following announcement of a stake in Data Republic last year, along with seed investment in Medipass Solution in February. GV (formerly Googles Ventures), American VC firm Kleiner Perkins Caufield & By- ers, Silicon Valley Bank and Japanese fund SBI Investment Co. also took part in the round.
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Formerly known as Align Commerce, the FinTech provides a platform that leverages blockchain technology for cross- border business to business payments, enabling organisa- tions to send and receive payments in local currency. “We identified Veem as a market leader in both technology and business model. This investment forges a close relationship with the company that will provide insights into user ex- pectations of where technology is heading for cross-border payments,” says NAB Ventures General Partner Melissa Widner, who will join the Veem board. “We’re excited to be working with Veem; their platform provides customers with a great user experience, low fees, fast clearance and great
transparency. As Australia’s largest business bank, we’re continually looking at services that have the potential to make life easier for our business customers.”
Veem CEO and Co-Founder, Marwan Forzley, comments: “At Veem, we understand even ‘mum and dad’ businesses must embrace globalisation to compete with incumbents, grow their businesses and innovate. Unfortunately, the cur- rent international payments experience is fundamentally broken, stifling SMBs’ globalisation efforts. Veem’s platform creates an experience that is as simple and frictionless as the current process is cumbersome and frustrating.”
Scott Thompson ational Australia Bank’s VC fund, NAB
www.ibsintelligence.com
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