Venn, the all-in-one financial platform built for Canadian businesses, announced it 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, emphasizing 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.
Over the last few decades, Canadian businesses have struggled with outdated banking systems that are slow, expensive, and rigid. And 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 this by offering a modern, seamless, and cost-effective banking experience built to save businesses time and money.
Former Revolut employees Ahmed Shafik and Saud Aziz launched Venn three years ago. And 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 it 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 funding round was led by Left Lane Capital. Dan Ahrens, Managing Partner at Left Lane Capital believes that the company spearheaded the financing and sees a significant opportunity for Venn to capture Canada’s underserved business banking market.
KEY QUOTES:
“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. 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.”
- Saud Aziz, Co-founder of Venn
“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. 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.”
“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.”
- Dan Ahrens, Managing Partner at Left Lane Capital
“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. 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.”
- Ross Fubini, Managing Partner at XYZ
“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.”
- Ahmed Shafik
