Toronto’s Vault has officially launched and the all-in-one online financial platform for small-to-medium sized businesses is now available across Canada.
Founded in late 2021 by Saud Aziz and Ahmed Shafik, Vault’s mission is to revolutionize the financial experience for Canadian entrepreneurs and SMBs by providing them with a one-stop-shop to manage their money more efficiently and effectively while saving on costly banking fees.
Business owners can sign up for an account in as little as five minutes. Once approved, they will gain access to robust financial products and services not easily available to SMB owners, with no monthly or annual fees or minimum balances.
Among Vault’s services are local accounts in CAD, USD, GBP, and EUR for seamless fund transfers, real-time currency exchange, a Vault Prepaid Mastercard with 1% cashback using Vault’s FX rates, convenient spend management for team members, free domestic and international bank transfers to 180 countries across 36 currencies, and automated bookkeeping through accounting integrations. Vault also announced the ability to purchase investment products, including GICs that will earn highly competitive rates.
The fintech startup is committed to extending its product and service offerings and has plans to include lending, savings products, payment automation and more complex FX products later this year.
“My co-founder, Saud Aziz, and I have parents who are small business owners, and we experienced first-hand the antiquated banking services that constrained their ability to freely manage how they spend, move and manage their money, all while enduring excessive fees. We founded Vault to change this,” said Ahmed Shafik, Co-founder of Vault.
“Today, entrepreneurs and SMBs owners have a cheaper and easier way to manage their businesses financial needs – all without the need to visit a branch and backed by 24/7 customer service.”
Co-founders Saud and Ahmed bring extensive experience working with alternative financial institutions, including Revolut and Koho.
Angel investors in Vault include founders and executives from top US and Canadian companies such as Paypal, Google Pay, Affirm, BNY Mellon, Airbnb, Coinbase, Revolut and Robinhood. The company also secured $5,000,000 in funding co-led by Fin Capital and Gradient Ventures.