What Vault’s co-founder learned at Revolut

Vault co-founders
Vault co-founders (from left) Ahmed Shafik and Saud Aziz.
Saud Aziz explains what it takes to build a locally-grown business banking platform in Canada.

Did you know that Revolut just secured its UK banking license?

That’s big news after a three-year application process. But what about the rest of the world?

Well, after dabbling its toes for years, the company has yet to file a formal application in the US. And Canada? The company actually pulled out of the country in 2021, and after promises by its CEO to return in 2022, never did. 

“If you want to succeed and build an enduring and large business for Canadians, that has to be your focus. Nothing else. If you want to focus on Canada as an additional market or a secondary market, it’s not going to work out.”

Why is global FinTech so tough? Why can’t Canada have nice things?

Helping us answer these questions on the podcast this week is Saud Aziz, who used to be Revolut’s head of strategy and operations for North America. Saud also worked at Koho before co-founding his own Canadian FinTech startup, Vault.

It’s an interesting conversation, and Saud is able to triangulate the incentives and hurdles for local financial incumbents and disruptors, in addition to foreign entrants.

So what did Saud learn from his time at Revolut to aid in building Vault? Have things gotten any easier for FinTech startups in Canada? How many times are we going to say Real-Time Rails on this podcast?

Let’s dig in.

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The BetaKit Podcast is hosted by Douglas Soltys & Rob Kenedi. Produced & edited by Jess Schmidt. Feature image courtesy Vault.

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