Earlier this year, Venn rebranded from Vault, marking a shift from offering multi-currency accounts to providing a comprehensive financial platform for businesses.
For example, the Canadian fintech unveiled in October a feature focused on helping owners incorporate their company in minutes.
Founded in 2020, Venn this month announced that it is launching 2% interest on all balances held in CAD and USD accounts, with no minimums or caps, for Canadian businesses.
“We’re helping Canadian businesses compete globally,” says cofounder Ahmed Shafik.
The update gives businesses a simple way to grow funds while managing daily operations, Shafik says, adding that the feature is immediately available to all current and new customers.
“This new feature is another way we’re making business banking simpler and more rewarding for companies across Canada,” the entrepreneur said.
Traditional banks “have placed businesses at a disadvantage with high fees, no rewards, and no interest on everyday business funds,” stated Shafik. “Venn is here to level the playing field.”
Over 5,000 businesses currently use Venn’s all-in-one platform, the founder noted, up from 4,000 earlier this year.
“As founders, we’ve always believed that businesses deserve a banking platform that works for them,” Shafik commented.
In addition to Venn’s rebrand, the Toronto fintech secured a $21M Series A funding round led by New York’s Left Lane Capital with participation from XYZ Venture Capital, Intact Ventures, and Gradient.
The Ontario firm followed up the raise with the launch of an invoicing tool for Canadian businesses, adding to its toolkit.
“Many businesses are still stuck using outdated tools or juggling multiple platforms just to manage invoicing,” the company said in a blog post announcing the March launch. “We built this feature to give our users an integrated, automated solution that works seamlessly with how they already manage their finances on Venn.”
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