How Spellbook Saved Over $25K in Year One with Venn

Company: Spellbook
‍Interviewees: Mary Olurin, Assistant Controller & Aman Samra, VP of Finance
‍Location: Toronto, Ontario

About Spellbook: The leading generative AI tool for legal teams

Spellbook is the leading generative AI tool for legal teams. The platform helps anyone who interacts with a contract move faster and become more productive. Based in Toronto, Spellbook operates at startup speed, with a finance team managing recurring payments, multi-currency contractor payouts, and time-sensitive transactions across the business. In the first year with Venn, Spellbook saved $25,000 through Venn. With transaction volume growing, they expect that to double in year two and save $50,000.

As VP of Finance and Assistant Controller respectively, Aman and Mary oversee the financial infrastructure that keeps the operation running. For a company building at pace, that infrastructure has to match the speed of everything else.

The Problem

‍Multiple banking platforms, no e-transfer option, and requests that took days

Before Venn, Spellbook was running their finances through outdated banking infrastructure. Moving money required juggling multiple platforms depending on how the payment needed to go out, and basic documentation like bank letters took days to come through.

‍"It [the legacy bank] was very complicated. They had multiple different platforms we had to log into to complete an ACH versus a wire transfer, and e-transfers just absolutely were not an option."— Mary Olurin, Assistant Controller, Spellbook

For a startup where speed is built into how the business operates, a banking system that added friction to every payment and took days to handle simple requests was incompatible with how the team ran.

The Solution

‍One platform for every payment type, with approval controls and multi-currency built in

Spellbook came to Venn through the Toronto tech community and found exactly what they had been looking for: one platform, every payment type, approval controls built in, and a system designed to run at startup speed. Recurring payments for fixed obligations like rent are set once and go through automatically. For a team paying contractors in multiple currencies, Venn's FX capabilities mean every payout goes out in the currency each contractor needs without routing through a separate process.

Here is what changed once Spellbook switched to Venn:

• All payment types (ACH, wire, Interac e-transfer) handled from a single platform
• Approval controls built in across all transactions
• Recurring payments set up reliably for fixed expenses like rent
• Multi-currency payouts to contractors without a separate workflow
• Bank letters and administrative requests without the multi-day delays

‍"Once we saw the initial demo, it was a no-brainer for us. It made the process very, very simple. There were approval controls in place and it contributed to the speed we wanted to run at."— Mary Olurin, Assistant Controller, Spellbook

Why Venn

‍A financial platform that runs at startup speed

Venn was built for companies like Spellbook. Approvals move fast, payments go out on the timeline the team needs, and the entire platform was designed around the premise that finance infrastructure should keep up with the business, not slow it down. Mary describes Venn as a platform that moves just as fast as they do.

In the first year, Spellbook saved $25,000 through Venn. With transaction volume growing, they expect that to double in year two and save $50,000.

Who Venn Is For

Canadian startups that can't afford for banking to slow them down

Venn works best for companies that cannot afford for their financial infrastructure to slow them down. For startups like Spellbook, the team's focus is on building, selling, and scaling. Managing multiple banking platforms, waiting days for basic documentation, and navigating limited payment options takes that focus away.

Venn gives fast-moving teams a single platform that handles every payment type, approval flow, and currency they need, without the complexity of traditional banking. Try Venn today!

FAQ (Frequently Asked Questions)

How quickly can teams get set up on Venn?

‍Getting started with Venn doesn't require a lengthy approval process. Everything is handled online, and teams can be up and running before their next payment cycle.

Does Venn support multiple payment types in one platform?

‍Yes. Venn handles ACH, wire transfers, and Interac e-transfers from a single platform, so finance teams don't need separate logins or separate processes for different payment types.

Can Venn pay contractors in different currencies?

‍Yes. Venn supports multi-currency payouts across 180+ countries, making it straightforward to pay contractors and vendors in the currency they need without routing through a separate platform.

How does Venn handle approval controls for a growing team?

‍Approval controls are built directly into the platform. Teams can set spending rules and transaction approval flows without relying on workarounds or external tools.

_{This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.}