Left Lane Capital led the round, with participation from XYZ Venture Capital, Intact Ventures, and Gradient. Venn, which announced a name change from Vault along with the funding, plans to use the money to launch new products, improve its software and hire more staff. (The Logic)

Talking point: Venn launched two years ago, initially focusing on helping small businesses manage accounts in multiple currencies before expanding to offer other accounting and banking services. In an interview with Axios, co-founder Ahmed Shafik said Canadian fintech startups have been slow to disrupt the big banks because the country is “quite protectionist when it comes to finance.” That may be changing as competition and funding heats up. Float, which provides prepaid corporate credit cards and other financial products to small and medium-sized businesses, raised a $70M Series B in January, while Loop—which also focuses on cross-border payments for small businesses—raised $6.4 million in September.