Veem Revenue & Funding (2024)

Veem generated $80.6M in revenue in 2024.

Veem crossed $1 million in annual revenue in approximately 2017, the first year the company was commercially active at scale after spending two to three years on licensing and compliance before that. Forzley declined to disclose any revenue figure beyond that milestone, saying the company is not in a position to share financial details publicly.

Veem had approximately 300,000 accounts on its platform as of September 2021, across 110 countries and more than 70 currencies. Forzley said the account base has roughly doubled every year since the company began acquiring customers at scale in 2017.

The platform carries no subscription fee, no setup fee, and no transaction fee on ACH payments, checks, or debit card receipts. Revenue is generated on what Forzley called advanced features: foreign exchange transactions, where the spread ranges from approximately 0.25 percent to 2 percent depending on currency pair and payment method; credit card payments, where Veem charges 2.9 percent; and real-time deposits to a linked debit card, where Veem charges 1 percent. A capital program launched approximately one month before the interview allows businesses to defer payments for up to six months at a cost of roughly 1 to 2 percent per month, implying an effective annual rate of 12 to 24 percent.

Forzley described the typical customer as a startup or small business processing a few thousand dollars per month, starting with a handful of supplier payments or outbound invoices and expanding usage over time. Average revenue per active customer is approximately $20 per month.

Veem operates a transaction-based model with three primary revenue streams: foreign exchange spreads, card-based payment fees, and a capital program. Foreign exchange is currently the largest contributor, reflecting the company's origins in cross-border payments. Forzley said domestic monetization through credit card fees and the capital program is newer and growing faster, and he projected that the three streams would eventually split roughly one-third each.

The capital program, launched approximately one month before the September 2021 interview, allows SMB customers to defer a payment obligation for up to six months. Veem does not fund these loans from its own balance sheet; instead it works with bank partners and strategic investors who provide the capital. Forzley said the program is too new to project loan volume. The company processes billions of dollars in GMV annually, though Forzley declined to give a more precise figure or confirm whether any single month has reached $1 billion.

Forzley said 65 percent of new accounts each month arrive through in-transaction referrals, meaning an existing Veem user sends or requests a payment and the counterparty, who is not yet on the platform, signs up to complete the transaction. The company also acquires customers through its own marketing programs and through integrations with accounting platforms including QuickBooks, Xero, and NetSuite, as well as bank partnerships. Forzley described the sales motion as primarily inbound rather than outbound, consistent with a high-volume, low-ARPU model. Profitability was not discussed in the interview.

Forzley, speaking as an observer of the broader SMB fintech market rather than about Veem specifically, said companies in the segment typically need $30 million to $40 million in revenue growing at 70 to 100 percent annually to support a $1 billion valuation, with revenue multiples in the 20x to 50x range depending on growth rate. He did not confirm whether Veem has reached those thresholds.

Veem employed approximately 160 people as of September 2021. Forzley said a significant portion of the team works in engineering and product, consistent with what he described as a heavy infrastructure build, but he declined to give a specific engineering headcount.