Vault is a new online financial platform designed specifically for Canadian small- to medium-sized businesses (SMBs), providing a wide range of financial services and solutions.
Vault, a new all-encompassing online financial platform and bank for Canadian small- to medium-sized businesses (SMBs) and entrepreneurs, has made its public debut.
In order to help Canadian small and medium-sized businesses (SMBs) handle their money more effectively and efficiently while also reducing banking expenses, Vault was launched in late 2021.
According to the portal, opening an account for a business owner only takes a few minutes. Once accepted, customers get access to powerful financial services and products that are typically out of reach for SMB owners and come without any monthly or yearly fees or minimum balance requirements.
The following goods and services come with Vault:
- local CAD, USD, GBP, and EUR accounts
- real-time currency exchange aims to be more affordable than services offered by large banks.
- a prepaid Mastercard that offers 1% cash back
- cost control for team members
- free bank transfers domestically and internationally to 180 countries in more than 36 currencies
- integrations with accounting to automate bookkeeping
Vault offers the chance to buy investment goods as well. Later this year, the company intends to add lending, savings products, payment automation, and more complex FX products to its growing list of available goods and services.
Assisting locally owned businesses in Canada
Saud Aziz and Ahmed Shafik, co-founders of Vault, have a wealth of experience from several financial institutions, including Koho and Revolut. Founders and executives from renowned US and Canadian businesses like Paypal, Google Pay, BNY Mellon, Airbnb, Coinbase, and Revolut are among the angel investors in Vault. Additionally, the business received CAD$5,000,000 in finance.
“My co-founder Saud Aziz and I have parents who are small business owners, and we experienced first-hand the antiquated banking services that constrained their ability to freely manage how they spend, move, and manage their money, all while enduring excessive fees,” Ahmed Shafik said when asked why they decided to start Vault. Vault was created by us to remedy this.
“Today, business owners of SMBs and entrepreneurs have a cheaper and simpler way to manage the financial requirements of their company – all without having to visit a branch and supported by 24/7 customer service.”
“Peoples has a strong history of working with Canadian fintechs to help drive innovation in the Canadian market,” added Karen Budahazy, vice president of digital enablement and issuing at Peoples Group. We are excited to work with Vault, a brand-new and innovative financial platform for Canadian SMBs, to assist their clients in better managing their finances.
