Venn raises $21.5 million

Venn, an all-in-one financial platform 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 platform that includes global accounts, spend management, transfers, FX services, accounting automation, and more.

Former Revolut employees Ahmed Shafik and Saud Aziz founded Venn three years ago. The team plans to use the funding to deepen its current product offerings and expand horizontally to deliver an even more complete financial stack. Since launching in 2023, Venn has onboarded more than 4,000 businesses.

“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.

“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.