How Private AI simplified global payments with Venn

Introduction

Company: Private AI

Interviewee: Jay-Anne, Head of Finance at Private AI

Location: Toronto, ON

About Private AI

Jay-Anne leads finance and operations at Private AI, a Toronto-based startup building privacy-preserving machine learning tools for global organizations. With roots in the Canadian tech ecosystem, Private AI is on a mission to make sensitive data safer and more accessible, especially in complex, unstructured formats. Their technology is now used in sectors like healthcare, where fragmented systems make clean data access especially challenging. Today, Private AI supports clients across North America, Europe, and APAC, helping them unlock their data securely while scaling with speed and trust.

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The Problem

Private AI was scaling into global markets, but their financial infrastructure was stuck in one country

When Jay-Anne joined as the first finance hire after the Series A, one of her first tasks was to build out the company’s financial stack. What she inherited was a bare-bones setup: a standard chequing and savings account with one of Canada’s Big Five banks.

As Private AI expanded into the U.S., Europe, and APAC, cross-border transactions quickly became a major operational hurdle. The team couldn’t receive or hold multiple currencies easily, and using SWIFT transfers created delays, high fees, and unnecessary friction on both sides of the transaction.

“The mechanisms for us to use at the time were the traditional SWIFT routes, which can be very expensive… The customer gets charged, we get charged, everybody gets charged, and it takes usually a few days before it arrives.”
_{-Jay-Anne, Head of Finance at Private AI}

U.S. clients often paid by cheque, but even that created problems. Without the ability to deposit USD cheques remotely, the finance team had to visit bank branches in person, despite being distributed across the country. For a lean, remote finance team supporting a global business, the overhead wasn’t just inconvenient. It was a blocker to scale.

With growth on the horizon, Jay-Anne knew the company needed more than just a functional bank account. It needed a modern, international infrastructure that could actually support the pace of scale.

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The Solution

A global banking infrastructure built for scale, not friction

Private AI didn’t just need a place to park cash, they needed modern infrastructure that could keep up with their international growth, lean team, and remote operations. Venn gave them the flexibility, transparency, and control they couldn’t get from a traditional bank.

Here’s what changed when they made the switch:

1. Local Banking Credentials in Global Markets
With Venn, Private AI can receive payments in local currencies without relying on SWIFT. U.S. clients pay via ACH for free, and European clients use SEPA transfers, eliminating $40–$50 CAD per transfer in incoming wire fees. For Private AI, they used to receive about 50 SWIFT transfers each month, which adds up to $2,000–$2,500 CAD in monthly savings just from eliminating those fees with Venn.

2. Multi-Currency Accounts with No Forced Conversions
Venn allowed Private AI to hold and manage funds in CAD, USD, and EUR, avoiding forced FX conversions and unfavorable rates. Incoming euros stay in euros, helping protect margins and improving flexibility in cash management.

3. Simpler Payments, Smarter Visibility
Free ACH and SEPA transfers have replaced costly SWIFT wires. Payments arrive faster, with better tracking for vendors and suppliers. The team has full control and insight, without needing to call a 1-800 number.

4. A Partner That Listens
From early onboarding to product feedback, Venn responded quickly. Jay-Anne’s suggestions even helped influence features like payment tracking links.

Venn didn’t just remove friction. It gave Private AI a scalable, responsive foundation to power global growth, without the legacy bottlenecks.

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Why Venn

Built for How Modern Startups Actually Operate

Private AI wasn’t looking for another traditional bank. They needed something built for how startups actually operate, lean teams, remote workflows, and no time to deal with outdated systems.

From the start, Venn just felt different. Setup was simple, everything worked online, and the support actually responded. It quickly became core to their day-to-day. Even after raising venture debt from a U.S. bank, Jay-Anne pushed to keep Venn in the mix because replacing it would have slowed the team down. It quickly became core to their financial operations, earning a 9.9 out of 10 rating from Jay-Anne for product, service, and overall experience.

What made the difference wasn’t just better infrastructure, it was also the speed. With Venn, they could move money faster, work across borders without friction, and stay nimble as they grew. For a global company moving fast, that made all the difference.

“We actually had them carve out our ability to use Venn, even though we had an exclusive agreement with them, because of how useful it is to us day to day.”
_{– Jay-Anne, Finance & Operations at Private AI}

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Who is Venn For

Startups juggling global customers, lean teams, and zero time for legacy banking

Venn is the financial platform for Canadian startups that need more than just a place to store cash. It’s for lean teams who want control, speed, and modern tools that make global operations feel easy. Whether you're expanding into new markets or managing multi-currency workflows with a small finance team, Venn gives you the infrastructure to grow without the overhead.

Private AI didn’t need enterprise-level complexity or old-school systems. They needed something simple, powerful, and responsive to the way they actually work. With Venn, they’ve found a platform that adapts to their pace, supports their global ambitions, and removes the blockers that used to slow them down.

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Private AI didn’t wait for their bank to catch up, and neither should you. Sign up for Venn today and build a finance stack that scales as fast as your business.