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Bitcoin Cross Border Settlement is used by Google-Backed Fintech Startup

The service, which does not require either counterparty to hold bitcoin directly, has quadrupled its revenue in the past year. Also participating in the funding round were GV (previously known as Google Ventures), Kleiner Perkins, Pantera Capital, Silicon Valley Bank, and Trend Forward Capital.

Veem, a cross-border payments platform that uses bitcoin to move funds among businesses without the need of banks, has raised $25 million in a round led by Goldman Sachs.

Founded by Marwan Forzely, who previously developed and sold a service to Western Union to allow the transfer provider to connect to customer bank accounts directly, Veem uses an algorithm to route transactions automatically among the most efficient payment rails.

The onboarding process will deploy increasing levels of automation that will include built-in KYC/AML compliance.

Service Giant Rapid Support, The new investment follows a $24 million Series B round in March 2017, making a total of $69.3 million. Goldman Sachs, the lead investor, participated in the new round through its Principal Strategic Investment Group, which has been active in the blockchain industry.

The San Francisco-based service has proven effective at turning Veem payment recipients into Veem users, a feature that has piqued investor interest. The service has expanded from 90 customers from its founding in May 2015 to more than 80,000.

The new investment follows a $24 million Series B round in March 2017, making a total of $69.3 million. Goldman Sachs, the lead investor, participated in the new round through its Principal Strategic Investment Group, which has been active in the blockchain industry.

Rana Yareed, a Goldman Sachs managing director, will become a nonvoting observer on the Veem board.

A steep growth Curve the Principal Strategic Investment Group is looking to invest in blockchain companies that can boost service for its clients. It has invested in Digital Asset Holdings, Circle, and Axoni.

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