Vault, an online banking platform serving small-to-medium sized business (SMBs) in Canada, is launching to the public today after raising $3.7 million in seed funding.
Founded in late 2021 by Saud Aziz and Ahmed Shafik (who previously worked at sunday, Revolut and Koho), Toronto, Ontario-based Vault says its mission is to “revolutionize” the banking experience for Canadian entrepreneurs and SMBs by giving them a place “to manage their money more efficiently and effectively while saving on costly banking fees.”
Vault touts the ability to sign up customers — in this case entrepreneurs and business owners — “quickly,” or in less than five minutes.
While startups offering banking services to SMBs abound in the U.S, they are far less common in Canada, Shafik told TechCrunch. His and Aziz’s parents were small business owners, so the pair ...
