REPAY, a leading provider of vertically integrated payment solutions, has announced it has entered into a commercial partnership agreement with Veem to expand each party’s B2B payment capabilities.
With the agreement, REPAY will expand its ability to deliver cross-border payment options, and Veem will broaden its capabilities by leveraging REPAY’s core B2B virtual card and acquiring technology.
In addition to the commercial relationship between REPAY and Veem, REPAY has made a minority equity investment in Veem to provide additional support for Veem’s go-forward growth. The investment was financed with cash on hand and pro forma net leverage is expected to remain at the current level of approximately 2.8x.
“This mutually beneficial commercial agreement and investment strengthens our relationship with a strategic and long term B2B partner,” said Darin Horrocks, EVP of REPAY’s B2B business. “We are excited to partner with the Veem team to offer our clients a more robust B2B offering, with the help of Veem’s cross-border technology. This should help us unlock more of the massive global B2B payments market, which is estimated at approximately $125 trillion today and anticipated to grow to $200 trillion over the next decade. Additionally, REPAY will enhance Veem’s offering by providing Veem customers with access to REPAY’s issuing technology and virtual payment capabilities. With our companies now strategically aligned, we expect this to be the beginning of a long and successful partnership.”
“This partnership with REPAY will empower business users to conduct globalized business transactions with ease and convenience,” said Bimal Shah, Head of Corporate Development for Veem. “Merchants today demand fast, reliable and secure payments. To meet these needs, we’re excited to join forces and give REPAY users access to our digital payment offerings. The digital payments revolution is in full swing and we are thrilled to complement our existing transnational technology products with REPAY.”
Founded in 2014, Veem is an accounts receivable (“AR”) and accounts payable (“AP”) automation provider serving small and medium-sized businesses (“SMBs”). Veem offers a wide variety of services, including invoice automation, reconciliation, approvals, and B2B payments, enabling its customers to seamlessly make and receive payments both domestically and cross-border. Veem’s client base includes over 300k customers located in 110+ countries. In addition to REPAY, Veem is supported by an impressive list of financial and strategic equity investors, including but not limited to, Kleiner Perkins, Google Ventures, 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 enhancing the overall experience for consumers and businesses.
REPAY, a number one supplier of vertically built-in cost options, has introduced it has entered right into a business partnership settlement with Veem to increase every social gathering’s B2B cost capabilities.
With the settlement, REPAY will increase its capability to ship cross-border cost choices, and Veem will broaden its capabilities by leveraging REPAY’s core B2B digital card and buying expertise.
Along with the business relationship between REPAY and Veem, REPAY has made a minority fairness funding in Veem to offer further help for Veem’s go-forward development. The funding was financed with money readily available and professional forma internet leverage is anticipated to stay on the present stage of roughly 2.8x.
“This mutually useful business settlement and funding strengthens our relationship with a strategic and long run B2B companion,” stated Darin Horrocks, EVP of REPAY’s B2B enterprise. “We’re excited to companion with the Veem workforce to supply our shoppers a extra sturdy B2B providing, with the assistance of Veem’s cross-border expertise. This could assist us unlock extra of the large international B2B funds market, which is estimated at roughly $125 trillion immediately and anticipated to develop to $200 trillion over the following decade. Moreover, REPAY will improve Veem’s providing by offering Veem prospects with entry to REPAY’s issuing expertise and digital cost capabilities. With our corporations now strategically aligned, we count on this to be the start of a protracted and profitable partnership.”
“This partnership with REPAY will empower enterprise customers to conduct globalized enterprise transactions with ease and comfort,” stated Bimal Shah, Head of Company Improvement for Veem. “Retailers immediately demand quick, dependable and safe funds. To fulfill these wants, we’re excited to affix forces and provides REPAY customers entry to our digital cost choices. The digital funds revolution is in full swing and we’re thrilled to enhance our current transnational expertise merchandise with REPAY.”
Based in 2014, Veem is an accounts receivable (“AR”) and accounts payable (“AP”) automation supplier serving small and medium-sized companies (“SMBs”). Veem gives all kinds of providers, together with bill automation, reconciliation, approvals, and B2B funds, enabling its prospects to seamlessly make and obtain funds each domestically and cross-border. Veem’s consumer base consists of over 300k prospects situated in 110+ international locations. Along with REPAY, Veem is supported by a formidable listing of economic and strategic fairness traders, together with however not restricted to, Kleiner Perkins, Google Ventures, and Truist Ventures.
REPAY offers built-in cost processing options to verticals which have particular transaction processing wants. REPAY’s proprietary, built-in cost expertise platform reduces the complexity of digital funds for retailers, whereas enhancing the general expertise for customers and companies.