As mentioned before, some business owners find it hard to leave their established bank after working with them for so long, regardless of the issues they’ve encountered. Being backed by organizations as recognizable and established in the finance industry as Goldman Sachs, has allowed us to grow in ways and avenues we would have never thought possible.
Since then, Veem has grown to 100,000 customers in more than 95 countries, and has most recently expanded to service businesses in Canada. This rate of growth isn’t slowing down anytime soon.
In all, that has been our biggest success. Raising funds, building our teams, and expanding our reach is all in an effort to help as many businesses around the world with simple payments.
What do you believe the next major innovation in financial technology will be and why?
There are some great technological innovations coming out of the fintech industry, especially when it comes to international payments. Blockchain technology, however, will surpass them all.
The use of blockchain as a medium for exchange is nothing new, especially considering the Bitcoin explosion and subsequent fall between 2017 and 2018. Everyone from Alibaba to Kodak has either tried or succeeded in implementing blockchain technology in the secure and distributed exchange of information and assets.
As Bitcoin continues to fall, blockchain rises to the surface as the technological innovation to outlive this bubble. As adoption expands and innovation ramps up, we’re going to see uses of blockchain technology like none we could have imagined. We’re already seeing it in healthcare, supply chain management, and data security.
Fintech has the advantage of being Ground Zero for blockchain. It began as an innovative, distributed currency transfer system for cryptocurrencies, and has continually progressed in this area.
At Veem, we saw the potential of blockchain technology to help small businesses back in 2014. The speed, low cost, and unrivaled security of distributed ledger technology simply cannot be challenged by today’s financial institutions, let alone yesterday’s.
We’re going to see blockchain technology take off. As cryptocurrency values fall, blockchain will find itself implemented in the exchange of fiat currencies, and will revolutionize the exchange of funds globally. The cost and time spent to transfer funds will become so miniscule, that legacy bank’s models of revenue generation (high FX rates, outrageous fees, etc.) will become obsolete.
If our current institutions don’t take advantage of this technology, they will find themselves to far behind to catch up.