Toronto-based Vault, a multi-currency business banking startup, has rebranded as Venn after closing a $21.5 million CAD ($15.8M USD) Series A funding round.
The investment was led by Left Lane Capital, with participation from XYZ Venture Capital, Intact Ventures, and Gradient Ventures.
Building an All-in-One Financial Platform for Canadian Businesses
Originally launched in 2021, Venn started as a multi-currency account service but has since evolved into a comprehensive financial management platform. The company now offers:
- Global accounts & multi-currency banking
- Expense and spend management tools
- Automated accounting & financial insights
With this fresh funding, the startup plans to:
- Introduce lending services in 2025.
- Expand its sales team to onboard more businesses.
- Support credit card payments for accounts receivables.
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Rapid Growth & Industry Competition
Since its 2023 public launch, the company has onboarded over 4,000 businesses, including Sherpa, MedEssist, and Alan. The company reported 400% revenue growth in 2024, reflecting strong demand for its business banking solutions.
Despite its momentum, Venn faces competition from other Canadian fintech players like:
- Float, which secured $70M Series B for corporate expense management.
- Loop, which raised $6.4M after pivoting to international financial services.
Scaling a Locally-Grown Alternative to Big Banks
Co-founders Ahmed Shafik and Saud Aziz, both former Revolut employees, built Venn after witnessing Revolut’s failed Canadian expansion. Their goal is to offer an alternative to traditional banking with a flexible, digital-first financial platform tailored to Canadian businesses.
“We’ve spent two years understanding customer pain points and building real solutions,” Aziz shared. “Our rebrand to Venn reflects our mission to connect businesses with better financial tools.”
With $26.5M CAD raised to date, Venn is positioning itself as a leading fintech challenger in Canada, helping businesses streamline banking, payments, and cash flow management.
