Tue. Dec 1st, 2020

Aldo Carrascoso, Img src://Filipino Times

Filipino Techpreneur, Aldo Carrascoso, has found Success in Silicon Valley

Veem, a money remittance company set up by Philippine techpreneur Aldo Carrascoso, has recently received an additional $24 million in new funding. Total investment from National Australia Bank, GV (formerly known as Google Ventures), Kleiner Perkins Caufield and Byers, SBI Investments Co. Ltd., and Silicon Valley Bank will be allocated to expand to more countries and to add new products.

The money remittance firm, formerly known as Align Commerce, is handling several hundred million cross-border companies, including overseas Filipino workers’ payments, in over 60 countries. Veem has offices across three continents.

Founded by Carrascoso in 2014, a reliable and real-time system for sending and receiving payments via e-mail is designed to replace complex and costly telegraph transfers, wire and Swift systems, bypassing banks or middlemen.

“I didn’t like the way traditional remittance companies preyed on OFWs and small businesses. The only choices they had were to charge large fees, make the process harder and more complicated,” Carrascoso says. Veem uses a mix of proprietary multi-rail payment systems and blockchain, described as one of the fastest-growing areas for technology investment.

“We started in my garage in Westlake, Daly City,” says Carrascoso, who recalls creating his first line of code when he was in fourth grade. “Technology has always been a passion. I was born in a very tech-forward family where technology is part of our everyday lives. I have always been fascinated by technology and how it affected people around me,” he says.

Recognizing that people are key to growing enterprises, before flying to Boston for the Babson Entrepreneurship program, Carrascoso took up psychology at Ateneo de Manila University. “One of my key deliverables for grad school was a tech startup, that was when my first venture started, which was verego.com, a matchmaking service, a tinder for companies,” he says.

Jukin Media / Jukin Technologies, his other start-up, is now one of the world’s largest user-generated licensing sites, currently in 221 countries, supplying almost every major TV network with content, and has over 35 billion online views.

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