Vault co-founders Ahmed Shafik and Saud Aziz. Image Credits:<\/strong> Vault<\/p>\n<\/div>\n

When it comes to revenue, Vault says it makes money off interchange and transaction fees.<\/span><\/p>\n

\u201cWe<\/span>\u2019re excited honestly to come out of the gate with a product that is ready to replace your entire stack from day one, rather than come up with just one product and build over time,\u201d Shafik said. \u201cThe reception from Canadian companies has been great, where they\u2019re either using us as a primary account or at least trying us for a vertical.\u201d<\/span><\/p>\n

Zach<\/span> Bratun-Glennon, founder and general partner at Gradient Ventures, believes that <\/span>Canada \u201cis a market with unique financial service and technology needs.\u201d<\/span><\/p>\n

He wrote via email: \u201cIt has a high volume of cross-border transactions, a large number of multinational and distributed employee bases, and is a growing hub for innovation.\u201d<\/span><\/p>\n

Despite the opportunity, Bratun-Glennon also notes that Canadian financial services have been slow to adopt new technologies, compared to larger markets like the U.S. and the EU.\u00a0<\/span><\/p>\n

\u201cMost businesses rely on traditional banks or a few niche fintech solutions. Vault\u2019s platform can replace a business\u2019 entire financial stack,\u201d he added. \u201cOne of Vault\u2019s standout features is its multi-currency functionality. This allows businesses to make and receive payments in multiple currencies, without having to worry about high foreign exchange rates or excessive transfer fees.\u201d<\/span><\/p>\n