# Venn Software

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/venn-software

- Industry: Software
- Headquarters: Toronto, Canada
- Website: www.venn.ca
- Total disclosed funding: $19M
- Latest round: Series A (Feb 26, 2025)
- Investors on record: 8

## About

Based in Toronto, Ontario, Canada, and founded in 2021 by co-founders Ahmed Shafik, and Saud Aziz, Venn Software Inc. formerly known as Vault Payments Inc. operates as a comprehensive banking platform specifically designed to cater to the needs of small and medium-sized businesses. In May 2023, Vault Payments Inc. raised CAD 5 million in seed funding, co-led by Gradient Ventures and Fin Capital, with participation from individual investors. As of May 2023, the company has served over 1000 businesses. Vault Payments Inc. develops a business banking platform with features like multi-currency accounts in CAD, USD, GBP, and EUR to send, hold, and receive funds; currency exchange; multi-currency MasterCard corporate card; spend management tools; domestic and international bank transfers; and accounting integration. Vault Payments Inc. generates revenue through various sources. Its primary revenue streams included monthly fees for account opening and maintenance, overdraft fees, and currency exchange fees. Vault offered physical and virtual corporate cards, earning revenue through cashback programs associated with card usage. Additionally, the company generated revenue from domestic and international transfers, charging fees for sending and receiving both types of transfers. The company plans to use the funding to expand its market reach and product development.

## Funding rounds

- Series A, Feb 26, 2025, $15M — XYZ Ventures, Intact Ventures, Gradient Ventures, Left Lane Capital
- Seed, May 16, 2023, $3.7M — Exponent VC, Gradient Ventures, Fin Capital, 535West, The Fintech Fund

## Investors

- Exponent VC (https://capitalatlas.ai/funds/exponent-vc) — Seed
- Gradient Ventures (https://capitalatlas.ai/funds/gradient-ventures) — Seed, Series A
- Fin Capital (https://capitalatlas.ai/funds/fin-capital) — Seed
- 535West — Seed
- The Fintech Fund (https://capitalatlas.ai/funds/the-fintech-fund) — Seed
- XYZ Ventures (https://capitalatlas.ai/funds/xyz-ventures) — Series A
- Intact Ventures (https://capitalatlas.ai/funds/intact-ventures) — Series A
- Left Lane Capital (https://capitalatlas.ai/funds/left-lane-capital) — Series A