Toronto-based fintech Vault has rebranded as Venn, marking a shift from offering multi-currency accounts to providing a comprehensive financial platform for businesses.
The rebrand coincides with a $21.5 million Series A funding round led by New York’s Left Lane Capital, with additional backing from XYZ Venture Capital, Intact Ventures, and Gradient.
Venn aims to simplify business banking in Canada, where legacy systems have long been criticized for high fees, slow processing times, and outdated tools. The company integrates global accounts, spend management, foreign exchange (FX) services, transfers, and accounting automation into a single, seamless platform.
“Venn can help grow Canadian businesses in a way that legacy banks simply can’t,” said co-founder Saud Aziz. “We’re consolidating financial tools so businesses no longer have to piece together fragmented solutions.”
Founded in 2020 by former Revolut employees Ahmed Shafik and Aziz, Venn has already onboarded more than 4,000 businesses, including clients such as Sherpa, MedEssist, and Alan. The company plans to use its latest funding to expand its financial offerings and move upmarket.
Dan Ahrens, managing partner at Left Lane Capital, sees a major opportunity for Venn to disrupt Canada’s business banking sector. “Their vision to replace the entire financial stack is spot-on,” he said. “The ultimate winners will be Canadian businesses.”
With continued support from investors like Gradient and new backing from insurance giant Intact Ventures, Venn’s expansion underscores its ambitions to become the go-to financial platform for Canadian businesses.
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