Venn rebrands as Vault, raises $21.5m to enhance business banking

By Gloria Methri

Vault, a business banking platform based in Canada, has raised $21.5 million in a Series A funding round and has rebranded to Venn. The new brand reflects the company’s evolution from solely providing multi-currency accounts to a holistic platform that includes global accounts, spend management, transfers, FX services, accounting automation, and more.

For decades, Canadian businesses have struggled with outdated banking systems that are slow, expensive, and rigid.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 have 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 are 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.”

The company plans to use the 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, it has onboarded more than 4,000 businesses.

Left Lane Capital, a New York-based investment firm, led the Series A round. 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.

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.”