Toronto-based fintech startup Venn has launched a new invoicing feature designed to help businesses get paid faster, eliminate unnecessary fees, and simplify their financial operations.
With the new tool, businesses can now create and send invoices directly through the Venn platform and accept payments via credit cards or direct bank transfers. Payments go directly into users’ multi-currency accounts, helping companies avoid foreign exchange fees and streamline their cash flow.
“Many businesses are still stuck using outdated tools or juggling multiple platforms just to manage invoicing,” the company said in a blog post announcing the launch. “We built this feature to give our users an integrated, automated solution that works seamlessly with how they already manage their finances on Venn.”
The new feature is aimed at solving key challenges businesses face with traditional invoicing, such as delayed payments, high processing costs, and the lack of automation. According to Venn, some companies were losing up to 4% of their revenue to payment processing and FX costs.
Venn’s invoicing includes the ability to generate branded, customizable invoices, accept payments in multiple currencies, automate recurring billing, and track invoice status in real time. Businesses can also choose to pass payment processing fees on to their customers, potentially eliminating those costs altogether.
For companies with subscription models or repeat clients, Venn enables recurring invoices and automated reminders to ensure on-time payments. The system also includes smart tracking tools, letting businesses see when an invoice has been sent, viewed, or paid—all from one dashboard.
Founded to modernize business banking, Venn offers Canadian businesses a unified platform combining multi-currency accounts, global payments, corporate cards, accounting automation, and now, invoicing.
Last month Venn announced a $21.5 million Series A funding round led by New York’s Left Lane Capital, with additional backing from XYZ Venture Capital, Intact Ventures, and Gradient.
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