Veem Raises $31M in Round Led by Truist Ventures

Veem, a business payments platform, secured $31 million in funding led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation, the sixth-largest U.S. bank. Additional participants in the round included MUFG Innovation Partners and AB Ventures. The investment signals major banks' strategic interest in partnering with and funding payments infrastructure fintechs.

Truist Ventures was newly launched as part of Truist's strategy to engage with fintech innovation. MUFG Innovation Partners' participation adds a second major bank's venture arm to the cap table, underscoring the bank-fintech partnership dynamics in the payments space. The funding is expected to help Veem scale its cross-border and domestic payment capabilities for businesses.