Vault is a banking platform that offers multi-currency accounts in CAD, USD, GBP, and EUR, enabling Canadian businesses to manage global payments without incurring wire transfer fees. The platform provides competitive foreign exchange rates and cashback on card spending, streamlining financial operations and reducing costs for its users.
Funding
$3.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
FCFounders
Product
Problem
Canadian businesses face challenges managing international payments, often incurring wire transfer fees and dealing with unfavorable foreign exchange rates when transacting in multiple currencies. Traditional banking systems can be slow and cumbersome, requiring in-branch visits and limiting operational efficiency.
Solution
Vault provides a global banking platform tailored for Canadian businesses, offering multi-currency accounts in CAD, USD, GBP, and EUR to streamline international financial operations. The platform eliminates wire transfer fees and provides competitive foreign exchange rates, enabling businesses to save money on cross-border transactions. Vault also offers features like cashback on card spending and accounting automation, consolidating financial tools into a single platform to improve efficiency and reduce costs. By providing a seamless and cost-effective solution for managing global payments, Vault empowers Canadian businesses to operate internationally with ease.
Target Audience
Vault primarily targets Canadian businesses that conduct international transactions, including startups, e-commerce businesses, SaaS companies, and enterprises.
Features
- Multi-currency accounts supporting CAD, USD, GBP, and EUR
- Fee-free domestic and international wire transfers to 200+ countries in 30+ currencies
- Competitive foreign exchange rates with transparent pricing
- 1% cashback on all card spending with no earning limits
- Virtual and physical corporate cards that can be issued instantly
- Integration with accounting systems for automated reconciliation
- Invoice management directly on the Vault platform
- Interac e-Transfer payment option