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Venn, a Canadian business banking and expense manage startup, raised US$15 million in Series A funding led by Left Lane Capital.

Why it matters: Recent deals show investors betting that Canada is in need of its own Mercury or Ramp.

What they're saying: "Canada is probably five to 10 years behind the U.S. in terms of innovation in banking or spend software," says co-CEO Ahmed Shafik. "Canadian banks are known to be one of the most expensive in terms of fees."

Driving the news: Previously known as Vault, the company targets small to mid-size businesses — particularly those with international banking needs.

It was founded with an initial focus on international transfers and multi-currency accounts, eliminating the need for customers to open accounts in every country.

By syncing with the clients' accounting software, Venn has aimed to become the financial control center for clients. It also offers invoice automation, a corporate card with expense management, and accounting automation.

Context: News of the raise comes just a month after Float Financial, a corporate card startup focused on the Canadian market, raised US$48.5 million led by Goldman Sachs Growth Equity. Loop last year raised C$6.4 million.

XYZ Venture Capital, Intact Ventures and Gradient also participated in Venn's round.

The intrigue: Shafik believes there are structural reasons keeping out non-homegrown potential competitors. "The BaaS players aren't here, and Canada's quite protectionist when it comes to finance," he says.

Revolut, where Shafik previously worked, exited Canada in 2021.

By the numbers: Venn now has about 4,000 customers and earns revenue from foreign exchange fees, interest on deposits, transaction fees, subscriptions, and interchange (its top revenue source).

This year, Venn plans to enable customers to accept credit card payments for accounts receivables, and it might venture into lending.

Exclusive: Canadian business banking startup Venn raises $15M

Multiple companies are seeking to solve cross-border transactions.

Illustration of a handshake between two people in front of a background designed with a graphic Canadian flag pattern, surrounded by a Canadian dollar border.

Venn, a Canadian business banking and expense manage startup, raised US$15 million in Series A funding led by Left Lane Capital.Why it matters: Recent deals show investors betting that Canada is in need of its own Mercury or Ramp.

Exclusive: Canadian business banking startup Venn raises $15M

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