REPAY, a leading provider of vertically integrated payment solutions, announced that it has entered into a business partnership agreement with Veem to extend the B2B payment capabilities of each party.
With the agreement, REFUND expand its ability to offer cross-border payment options, and Veem will expand its capabilities by leveraging REPAY’s core B2B virtual card and acquisition technology.
In addition to the business relationship between REPAY and Veem, REPAY has taken a minority stake in Veem to further support Veem’s future growth. The investment has been funded by available cash and the pro forma net leverage is expected to remain at the current level of around 2.8x.
“This business deal and mutually beneficial investment strengthens our relationship with a strategic and long-term B2B partner,” said Darin Horrocks, EVP of REPAY’s B2B activities. “We are delighted to partner with the Veem team to provide our customers with a more robust B2B offering, with the help of Veem’s cross-border technology. This should help us unlock a greater share of the massive global B2B payments market, which is estimated to be around $ 125 trillion today and expected to grow to $ 200 trillion over the next decade. In addition, REPAY will enhance Veem’s offering by providing Veem customers with access to REPAY’s issuance technology and virtual payment capabilities. With our businesses now strategically aligned, we expect this to be the start of a long and successful partnership. “
“This partnership with REPAY will enable business users to conduct globalized business transactions with ease and convenience,” said Bimal shah, responsible for business development for Veem. “Merchants today demand fast, reliable and secure payments. To meet these needs, we are delighted to join forces and give REPAY users access to our digital payment offerings. The digital payments revolution is in full swing and we are excited to complement our existing transnational technology products with REPAY.
Founded in 2014, Veem is an Accounts Receivable (“ARâ€) and Accounts Payable (“APâ€) automation provider serving small and medium-sized businesses (“SMEsâ€). Veem offers a wide variety of services, including invoice automation, reconciliation, approvals and B2B payments, enabling its customers to seamlessly make and receive domestic and cross-border payments. Veem’s customer base includes more than 300,000 customers located in more than 110 countries. In addition to REPAY, Veem is backed by an impressive list of financial and strategic equity investors, including, but not limited to, Kleiner Perkins, Google companies, and Truist Ventures.
REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary integrated payment technology platform reduces the complexity of electronic payments for merchants, while improving the overall experience for consumers and businesses.