Canadian business banking platform Vault rebrands to Venn, raises $21.5m Series A
Vault, a business banking platform based in Toronto, Canada, has raised $21.5 million in a Series A funding round, and has rebranded to Venn.
Venn co-founders Ahmed Shafik and Saud Aziz (Image: Venn)
Gradient Ventures, Intact Ventures, XYZ Venture Capital and Left Lane Capital participated in the round, which builds upon the $5 million Seed round used to power Vault’s launch in 2023.
Venn claims to have onboarded over 4,000 businesses in the two years since, evolving its flagship multi-currency account offering with a range of new financial management features.
These include spend management and accounting automation tools, transfer and foreign exchange services, corporate cards, and cash flow and billing capabilities.
In a statement, the company outlines three key objectives to come from its latest capital raise. The first is to create “a true all-in-one financial platform” through an expanded product offering, followed by the continued consolidation of “fragmented financial tools” and plans to “scale our team”.
“Over the next couple months, we’re rolling out a wave of new features – some we’ve been waiting over a year to ship,” the statement reads. “These updates will let you handle your finances faster, cheaper, and with even fewer tools.”
