Vault raises $5 million in seed funding co-led by Gradient Ventures and Fin Capital
16 May 2023

So what started Vault?

Hey there, I'm Saud Aziz, one of the co-founders of Vault, and I'm incredibly excited to share some big news with you today. We have just announced the successful completion of our $5 million seed funding round! This funding will play a crucial role in fueling our mission to revolutionize banking for businesses and entrepreneurs across Canada.

When my co-founder, Ahmed Shafik, and I set out on this journey, we were motivated by a personal connection to the challenges faced by business owners. We witnessed firsthand the limitations and frustrations caused by traditional banking services, which imposed unnecessary fees and hindered their ability to manage their money freely. Vault was born out of the desire to change this landscape and empower entrepreneurs with a more affordable and efficient banking solution.

And why should I use Vault?

So, what exactly does Vault offer that sets us apart? We are proud to introduce the only all-in-one online banking platform designed exclusively for Canadian SMBs. With Vault, business owners now have access to a comprehensive suite of banking products and services to effectively manage their finances across borders, all without worrying about fees or minimum balances.

Our platform is entirely online, enabling business owners to sign up for an account in less than five minutes. Once approved, they gain access to a wide range of previously unavailable banking features, including:

  1. Local accounts in CAD, USD, GBP, and EUR for seamless funds management.
  2. Real-time currency exchange at a fraction of the cost charged by traditional banks.
  3. Multi-currency Mastercard Corporate Card with 1% cashback powered by Vault's competitive FX rates.
  4. Spend management tools for efficient team expense tracking.
  5. Free domestic and international bank transfers to over 180 countries in more than 36 currencies.
  6. Accounting integrations to streamline bookkeeping processes.

But that's not all! We are thrilled to announce that Vault now also offers investment products, such as Guaranteed Investment Certificates (GICs), with returns of up to 5%. We are committed to expanding our product and service offerings even further, with plans to include lending options, savings products, payment automation, and more complex FX products later this year.

The funding round was co-led by Google’s Gradient Ventures and Fin Capital with participation from The Fintech Fund, Exponent Capital, Thirdbase Capital. Our esteemed group of angel investors includes founders and executives from top US and Canadian companies like PayPal, Google Pay, Affirm, BNY Mellon, Airbnb, Coinbase, Revolut, and Robinhood. Their support and expertise are invaluable as we continue to grow and enhance the Vault experience for our customers.

We are equally thrilled to partner with longstanding federally regulated financial institutions to ensure the safety and security of our customers' funds. It's essential for us to maintain the trust and confidence of our customers, and we take that responsibility seriously.

Don’t take our word for it though, our customers like Anna Hu, Co-Founder & CEO of had this to share about Vault, "We're very impressed by the banking functionality Vault offers. I have saved both time and thousands of dollars on annoying bank fees and foreign currency conversions. The new features and products rolled out by the Vault team are outstanding. I highly recommend using Vault for business banking if you want speed and modern functionality."

Thank you for helping us get here and here's where we're headed!

On behalf of the entire Vault team, I want to express our heartfelt gratitude to everyone who has supported us on this incredible journey. We are humbled by the trust and confidence placed in us by our investors, partners, and, most importantly, our customers.

We firmly believe that Canadian entrepreneurs and SMBs deserve a better banking experience—one that empowers them to thrive and succeed without unnecessary financial burdens. With this seed funding, we are poised to take our mission to the next level, expanding our reach and continually improving our platform to meet the evolving needs of our customers.

We are committed to transparency, innovation, and outstanding customer service. Our team works tirelessly to ensure that Vault remains at the forefront of the industry, delivering cutting-edge solutions and a seamless banking experience that empowers our users every step of the way.

As we move forward, we invite you to join us on this exciting journey. If you're a business owner, entrepreneur, or manage the finances of a Canadian company, we encourage you to explore the possibilities that Vault offers. Say goodbye to excessive fees, cumbersome processes, and outdated banking services. Say hello to a new era of efficient, cost-effective, and streamlined financial management. You can reach us through our in-app chat, book a demo from our website or from here, or email me directly at

Thank you once again for your support and trust in Vault. We are excited about the road ahead, and we can't wait to make a positive impact on the lives of Canadian businesses and entrepreneurs. Together, let's build a future where banking is effortless, empowering, and tailored to your unique needs.

Ahmed Shafik & Saud Aziz
Co-founders, Vault

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