Venn, Formerly Vault, Raises $21.5M to be the All-In-One Financial Platform for Canadian Businesses

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media@venn.ca
leftlane@mww.com

Venn, the all-in-one financial platform built for Canadian businesses, has raised $21.5 million in a Series A funding round led by Left Lane Capital, with participation from XYZ Venture Capital, Intact Ventures, and Gradient. The company is also officially rebranding from Vault to Venn, reflecting the evolution from solely providing multi-currency accounts to a holistic platform that includes global accounts, spend management, transfers, FX services, accounting automation, and more.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250226330289/en/

With the Series A raise, Venn continues to double down on its mission to be the global banking platform for Canadian businesses (Graphic: Business Wire)

For decades, Canadian businesses have struggled with outdated banking systems that are slow, expensive, and rigid. High fees on basic transactions, in-branch visits to send payments, poor FX rates, and a lack of modern financial tools have made managing money a constant headache. Venn changes that by offering a modern, seamless, and cost-effective banking experience—built to save businesses time and money.

"Venn can help grow Canadian businesses in a way that legacy banks simply can’t because we’ve built our platform for speed and flexibility to serve all types of businesses from the start," says Saud Aziz, Co-founder of Venn. “Our product strategy is our core differentiator—we’re consolidating financial tools so businesses no longer have to piece together fragmented solutions. We aim to become the default platform for all of Canadian businesses’ banking needs.”

Former Revolut employees Ahmed Shafik and Saud Aziz founded Venn three years ago. The team plans to use the Series A funding to deepen its current product offerings and expand horizontally to deliver an even more complete financial stack. Venn has proven instrumental for SMBs and is now moving upmarket by partnering with businesses like Sherpa, MedEssist, and Alan. Since launching in 2023, Venn has onboarded more than 4,000 businesses.

The Series A round was led by Left Lane Capital, a New York-based investment firm recognized for their fintech investments in companies such as Wayflyer, M1 Finance, and Bilt Rewards. Dan Ahrens, Managing Partner at Left Lane Capital, spearheaded the financing and sees a significant opportunity for Venn to capture Canada’s underserved business banking market.

“I’ve been following Ahmed and Saud for the past two years and have been blown away by what they’ve achieved in such a short time with a lean team,” says Ahrens. “Their vision to replace the entire financial stack is spot-on, and the ultimate winners will be Canadian businesses. I’m thrilled to join them on this journey as they enter this new chapter of growth.”

Ahrens also highlights the burdens faced by Canadian companies: “Businesses shouldn’t have to pay exorbitant fees or stitch together multiple niche tools when all they want is to operate more efficiently. Venn’s product-first focus and ability to ship new features quickly has resulted in a comprehensive platform that resonates with businesses and is capturing market share from both traditional banks and venture-backed competitors.”

New investors also included XYZ Venture Capital and Intact Ventures.

“We were struck by the lack of modern business banking solutions in the Canadian market, and equally struck by the knowledge, expertise, and executional velocity Ahmed and Saud brought to tackling this challenge. They are the quintessential founders obsessed with serving their customers better and understanding every little nuance of their experience,” says Ross Fubini, Managing Partner at XYZ. “The traction, popularity, and business they have already achieved is incredible, and is only a preview of what is to come quickly down the road as they ship new features at full speed.”

Intact Financial Corporation - Intact Ventures’ parent company - is Canada’s largest provider of P&C insurance. The round also saw continued support from Gradient, which made its third investment in Venn to date.

This fundraising round and rebrand mark a pivotal turning point for Venn. “This moment reflects our deepening commitment to empowering Canadian businesses, and providing the specific financial tools needed to grow, thrive, and compete on a global scale,” says Shafik.

Read the founders’ full statement on Venn’s blog here.

About Venn

Venn is transforming the financial landscape for Canadian small and medium-sized businesses by providing them with a digital banking platform to manage their finances and save on high banking fees. By offering a range of financial products and services, including multi-currency accounts, global bank transfers and high-yield investment options such as GICs, Venn enables business owners to manage their operations across borders more effectively. For more information, please visit venn.ca

About Left Lane Capital

Founded in 2019, Left Lane Capital is a New York and London-based global venture capital and growth equity firm investing in hyper-growth consumer and SMB businesses with enduring customer relationships. Left Lane's mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy. Select investments include Wayflyer, M1 Finance, Bilt Rewards, Arc, Clerkie, LemFi, Blank Street, Kings League, Gostudent, and more.

About XYZ Venture Capital

XYZ Venture Capital, founded by Ross Fubini in 2017, looks to back startups at the earliest stages where founders have uncovered a unique insight and show immense velocity in execution. XYZ has made several early investments across fintech, enterprise, and the public sector, including Anduril, Verkada, Apex Space, Newfront Insurance, Chapter, Sardine, Puzzle, Mosaic, Nova Credit, Highnote, and many more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250226330289/en/

Venn can help grow Canadian businesses in a way that legacy banks simply can’t because we’ve built our platform for speed and flexibility to serve all types of businesses from the start