Vault has announced the official launch of its all-in-one online financial platform for small-to-medium sized businesses (SMBs) across Canada.

Established in late 2021, Vault aims to transform the financial experience for Canadian entrepreneurs and SMBs by offering them a one-stop shop for more efficient and effective money management while saving banking fees.

The fintech firm was founded by Saud Aziz and Ahmed Shafik. It is said to offer various financial products and services, including global bank transfers, multi-currency accounts, and high-yield investment options such as guaranteed investment certificates (GICs).

Vault’s platform is all online and is claimed to enable business owners to sign up for an account in five minutes.

Once verified, business owners can access financial products and services with no monthly or annual fees or minimum balances.

The services include real-time currency exchange, Vault prepaid Mastercard with 1% cashback, free domestic and international bank transfers to 180 countries in more than 36 currencies, and accounting integrations to automate bookkeeping.

Shafik said: “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.

“We founded Vault to change this. Today, entrepreneurs and SMBs owners have a cheaper and easier way to manage their businesses financial needs – all without the need to visit a branch and backed by 24/7 customer service.”

Vault’s angel investors include founders and executives from US and Canadian firms like Google Pay, Affirm, Paypal, BNY Mellon, Airbnb, Revolut, Coinbase, and Robinhood.

The Canadian fintech firm has also secured C$5m ($3.7m) in funding co-led by Gradient Ventures and Fin Capital. It expects to extend its product and service offerings.

Besides, Vault has plans to include lending, payment automation, savings products, and more complex foreign exchange (FX) products later this year.