Canada-based Vault has announced the launch of its all-in-one online financial platform for small-to-medium sized businesses.
Following this launch, business owners in Canada will receive access to a complete suite of financial products and services to manage their businesses across borders. The platform is all online, and users can sign up for an account in just a few minutes. According to businesswire.com, approved users receive access to several financial products and services that are not easily available to SMB owners, with no monthly or annual fees or minimum balances.
Vault’s financial products include:
Vault is looking to expand its product and service offerings by adding lending, savings products, payment automation and more complex FX products to its platform later this year. Company officials cited by businesswire.com talked about Vault’s launch in Canada and emphasised how it can provide entrepreneurs and SMBs owners with access to a cheaper and easier way to manage their business financial needs without having to visit a branch.
In May 2023, Vault raised USD 5 million in a seed funding round co-led by Google’s Gradient Ventures and Fin Capital with participation from The Fintech Fund, Exponent Capital, Thirdbase Capital.
Vault was founded in late 2021 and some of its angel investors include founders and executives from US and Canadian companies such as Paypal, Google Pay, Affirm, BNY Mellon, Airbnb, Coinbase, Revolut, and Robinhood. According to Vault, the funds will be used to further the company’s goal of revolutionising banking for businesses and entrepreneurs across Canada.
The company was created as a response to frustrations caused by traditional banking services, which imposed unnecessary fees and prevented business owners from being able to manage their money freely. The company also revealed its partnership with longstanding federally regulated financial institutions to ensure the safety and security of their customers' funds.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now