One Canadian fintech believes that, while the nation’s economy thrives on entrepreneurs and small businesses, the path from idea to incorporated business can be confusing and costly.
Toronto’s Venn this month unveiled its latest feature, which is focused on helping business owners incorporate their company federally or provincially in Ontario in “just minutes.”
Incorporating a business traditionally requires multiple steps, from name searches and filings to setting up banking, laments Ahmed Shafik, cofounder at Venn. His startup consolidates all of these into one application, helping entrepreneurs launch with the right legal and financial foundation.
“From coast to coast we’ve heard rallying cries for more Canadian entrepreneurs,” says Shafik. “We’re excited to be stepping up and helping to build the next generation of entrepreneurs.”
Shafik says Venn eliminates extra service fees and lowers the barrier for entrepreneurs by providing up to $350 to customers who fund their Venn business account within 30 days of account opening to effectively make incorporation free.
Earlier this year, Venn rebranded from Vault, marking a shift from offering multi-currency accounts to providing a comprehensive financial platform for businesses.
In addition to the rebrand, Venn secured 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.
The fintech followed up the raise with the launch of an invoicing tool for Canadian businesses, adding to its toolkit including global payments, corporate cards, and accounting automation.
“Venn can help grow Canadian businesses in a way that legacy banks simply can’t,” cofounder Saud Aziz commented earlier this year. “We’re consolidating financial tools so businesses no longer have to piece together fragmented solutions.”
Shafik and Aziz founded Vault, now Venn, in 2020.
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