Vault’s Mission to Transform Canadian Business Banking
Vault, an online banking platform founded by former Revolut and Koho employees, aims to revolutionize the banking experience for Canadian SMBs. With $3.7 million in seed funding, Vault launches with a vision to enhance financial efficiency and save businesses from costly banking fees.
Addressing Challenges in the Canadian Business Banking Landscape
Vault recognizes the limited options available to Canadian entrepreneurs and business owners, who often face antiquated processes and high fees when managing their finances. By offering a streamlined signup process and a range of innovative features, Vault aims to alleviate these challenges and provide a modern banking solution.
Unlocking Efficiency and Cost Savings for Canadian Businesses
Vault’s banking platform offers a host of benefits, including no monthly or annual fees, no minimum balances, local accounts in multiple currencies, real-time currency exchange at a fraction of the cost compared to traditional banks, and a cashback-enabled corporate card.
With integrated spend management, free domestic and international transfers, and accounting automation, Vault aims to empower businesses to manage their money effectively.
Expanding Offerings and Simplifying Financial Operations
Vault’s long-term roadmap includes plans to introduce investment products, lending services, savings products, payment automation, and advanced foreign exchange solutions. By building a comprehensive financial stack from the ground up, Vault aims to provide businesses with an all-in-one banking solution to simplify their financial operations.
Strong Investor Backing and Prominent Partnerships
Vault’s seed funding round of $3.7 million was led by Gradient Ventures and Fin Capital, with participation from notable investors, including founders and executives from PayPal, Google Pay, Airbnb, Revolut, and more.
With partnerships with regulated financial institutions and issuance of Mastercard cards through Peoples Trust Company, Vault ensures secure and reliable financial services for its customers.
Seizing Opportunities in the Canadian Market
As a response to Canada’s unique financial service needs and its growing position as a hub for innovation, Vault aims to fill the gap in the market by providing a comprehensive financial stack for businesses.
By offering multi-currency functionality and eliminating high foreign exchange rates and excessive transfer fees, Vault sets out to become an indispensable banking partner for Canadian companies of all sizes.