FinTech: The Unsung Hero of COVID-19
How Veem and other FinTech companies are helping small businesses navigate COVID-19.
Amid COVID-19, businesses across the globe have come to a screeching halt. The response in the United States has been a $660 billion injection into the Small Business Association (SBA), to help business owners weather the storm. Since the stimulus was enacted, small businesses have struggled to navigate the unclear process of applying to the SBA’s Payroll Protection Program (PPP).
The traditional banking system was ill-prepared to help their clients in this endeavor, with some banks only supporting existing business clients. In response, the FinTech industry has received its opportunity to shine. Veem, a global payments network and one of our portfolio companies at Trend Forward Capital, has been helping thousands of small businesses apply for PPP loans in as little as 15 minutes.
Veem provides a simple and secure method to send, receive, and track payments globally to over 190,000 businesses. Veem’s technology and infrastructure allowed them to quickly design a digital application process. Their dedicated support team is able to give frequent updates to small businesses — increasing the transparency around the status of applications. Veem is providing peace of mind to thousands of its customers, in a time where clarity and calm are limited.
Marwan Forzley, CEO & Co-Founder of Veem, was quick to fill the void in the traditional banking system and support new and existing clients:
“The demand for this vital assistance has created a huge bottleneck through traditional lenders, and most banks were not prepared to take applications at this scale. This created an opportunity for the financial technology industry to step up and help by cutting down application time, and providing customer assistance around the clock.”
Veem isn’t the only startup helping small businesses apply for PPP loans. Fiserv recently said in a press release that they are supporting other financial institutions to build online application infrastructure. Plaid is helping to expedite the payroll requirements for the loan application process, from weeks to minutes.
It’s clear the COVID-19 pandemic has highlighted FinTech’s ability to adapt and find innovative ways to better serve their customers. This is why we continue to be excited about financial technology startups. We backed Veem in 2017, and are proud to support their efforts in helping millions of small businesses across the United States.
With additional funds approved, Veem continues to help small businesses with their PPP applications. See how Veem can help you apply in as little as 15 minutes here.
