Vault provides an online, one-stop financial platform for Canadian SMBs and entrepreneurs, offering fast account sign-up and a suite of digital banking tools. Its product set includes multi-currency local accounts in CAD, USD, GBP and EUR, real-time currency exchange at rates cheaper than big banks, free domestic and international transfers to 180 countries in over 36 currencies, spend management and accounting integrations. Vault issues a Vault Prepaid Mastercard® with 1% cashback and offers 1% cashback on card purchases using its FX rates. The company also sells investment products such as GICs with competitive rates and plans to add lending, savings products, payment automation and more complex FX products later this year. Vault partners with regulated financial institutions (customers can view which institution holds their funds), is registered as a Money Services Business with FINTRAC, and is a member of the Registered Deposit Brokers Association. The founders bring experience from Revolut and Koho and the company emphasizes a branchless, digital-first experience backed by 24/7 customer service.

Total raised

$4M

Funding rounds

1

Latest round

Seed

Latest activity

Jun 2023