All-in-one financial platform for Canadian businesses Venn raises $21.5m in Series A
OpenBankingExpo | News
04 Mar 2025
Toronto-based Venn, an all-in-one financial platform for Canadian businesses, has raised $21.5 million in a Series A funding round led by New York-based Left Lane Capital, and unveiled a rebrand from Vault to Venn.
New investors XYZ Venture Capital and Intact Ventures also participated in the Series A round, while Gradient made its third investment in Venn, to date.
Venn, which was founded by former Revolut employees Ahmed Shafik and Saud Aziz three years ago, intends to use the funding to “deepen” its current product offerings and “expand horizontally to deliver an even more complete financial stack”.
“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,” said co-founder Aziz.
“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.”
The company’s rebranding to Venn reflects the “evolution from solely providing multi-currency accounts to a holistic platform that includes global accounts, spend management, transfers, FX services, accounting automation”, according to a press statement.
Dan Ahrens, managing partner at Left Lane Capital, said: “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.”
Ahrens added: “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.”
Find out more about Open Banking Expo Canada 2025, which takes place on June 17 in Toronto, as Canada’s Open Finance journey accelerates, and get your tickets here.
