Venn vs Brex: The Best Business Account and Card Options for Canadian Companies in 2025

For years, Brex has been a go-to platform for U.S. startups looking to modernize their finances. With sleek cards, spend management tools, and seamless integrations, it quickly became the benchmark for corporate cards in the tech world.

But for Canadian businesses, there’s a catch: Brex isn’t truly available in Canada. Canadian companies can’t open a Brex account, issue cards to Canadian entities, or access local currency tools. Even for subsidiaries with U.S. operations, it often requires a U.S. EIN, a U.S. bank relationship, and dealing with cross-border FX friction that can add hidden costs to every transaction.

That leaves a gap, and Venn fills it.

Venn is purpose-built for Canadian companies that operate locally or globally. It combines:

• Multi-currency accounts (CAD, USD, GBP, and EUR)
• Corporate cards with 1% unlimited cashback
• Instant Interac e-Transfer® and local ACH payments
• Automated payables and two-way accounting sync

All on infrastructure built in Canada, not layered on a U.S. partner.

In this comparison, we’ll explore how Venn stacks up against Brex and how it bridges the gaps left by both U.S. fintechs and the Big 5 Canadian institutions.

Why Canadian Businesses Need a Brex Alternative

Brex Doesn’t Serve Canadian Entities

Brex only supports U.S.-registered businesses with a U.S. federal tax ID (EIN). For Canadian founders or finance teams, that means:

• No access to a Brex business account in CAD
• No local card issuance
• No Interac e-Transfer® or EFT payments
• Extra FX conversions for every U.S. transaction

Canadian businesses that tried to replicate the Brex experience often end up juggling multiple platforms, one for FX, one for payments, another for expense tracking, creating operational inefficiency.

The Core Needs of Canadian Finance Teams

Based on Venn’s customer research and “Jobs to Be Done” insights, the modern Canadian finance leader faces a few consistent challenges:

• Multi-currency operations: Most growing companies now earn or pay in USD, but need a system that manages both CAD and USD locally.
  Expense visibility: Finance teams want real-time transaction data with spending limits by team, vendor, or project.
• Accounting automation: Integrations with QuickBooks and Xero that push and pull transactions automatically, not manual exports.
• Faster global payments: Traditional cross-border wires take 2–5 business days; most Canadian companies can’t afford that delay.

These needs outgrew what the Big 5 banks could offer, and yet U.S.-based fintechs like Brex never built the infrastructure for Canada.

Why Venn Fits That Gap

Venn was built specifically to meet the operational and regulatory needs of Canadian SMBs and startups.

• You can hold and transfer CAD, USD, GBP, and EUR in one platform.
• You can send and receive local ACH and Interac e-Transfer® instantly.
• You get FX conversion at just 0.25%, with transparent markups.
• You can sync everything directly with your accounting system.

Unlike Brex, which sits atop U.S. infrastructure, Venn is built on Canadian financial rails through its partnership with Peoples Trust Company, ensuring compliance, reliability, and faster execution for Canadian entities.

Bottom Line

Brex transformed U.S. startup finance, but it stops at the border. Canadian companies need a platform that’s compliant, multi-currency, and integrated. Venn delivers exactly that.

Feature Overview: Venn vs Brex

Let’s take a complete side-by-side look at how Venn compares to Brex across every major feature that matters to Canadian businesses, from account access and payments to FX rates, corporate cards, and accounting automation.

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Venn vs Brex Multi-Currency Accounts

Brex was built for U.S. startups, and its infrastructure reflects that. Every account operates in U.S. dollars, and non-U.S. entities can’t open an account without a U.S. tax ID. That means no CAD balances, no Interac e-Transfers®, and no way to receive local ACH payments in Canada.

Venn eliminates those barriers. Canadian businesses can open true multi-currency accounts in CAD, USD, GBP, and EUR all of which are accessible through one login. Funds can be sent or received locally (via Interac e-Transfer®, EFT, or ACH) or internationally through low-cost SWIFT payments. Because these accounts sit on Canadian rails through Peoples Trust Company, transfers are faster, compliance is simpler, and there’s no dependency on U.S. intermediaries.

In short: Brex offers a U.S. account that Canadians can’t use. Venn offers a Canadian-built global account that works everywhere.

For more information on the best business bank account for startups in Canada read our blog here.

Venn vs Brex Corporate Cards

Brex’s corporate card program revolutionized startup spend in the U.S., but it never expanded north. Its cards are issued in USD only, and rewards are tied to tiered points systems that make little sense for teams paying suppliers or SaaS bills in multiple currencies.

Venn’s multi-currency corporate card solves that friction. Each card automatically pulls from the correct currency balance — CAD, USD, GBP, or EUR — avoiding conversion fees altogether. Every purchase earns 1% cashback, with no monthly cap or minimum spend. Admins can issue unlimited virtual cards, set spend limits by user or vendor, and monitor every transaction in real time.

For Canadian finance teams, it means one card, four currencies, and total visibility. Brex still requires a U.S. entity and offers rewards that rarely translate across borders.

Venn vs Brex FX Fees and Global Transfers

Brex doesn’t publish its FX rates, they’re embedded in the exchange spread, so businesses rarely know the true cost of conversions. Transfers often route through U.S. correspondent banks, adding time and intermediary fees.

Venn takes the opposite approach. Every conversion shows a transparent 0.25 percent FX markup, and you can move funds to over 180 countries in 36 currencies. Most transfers arrive the same or next business day, and inbound wires are free to receive.

For Canadian companies that invoice in USD or pay international suppliers, those savings and settlement times add up. Brex keeps costs opaque; Venn keeps them measurable and minimal.

Venn vs Brex Accounting and Automation

Brex integrates with accounting software primarily through one-way exports, transactions flow out, but reconciliation still requires manual work. That’s fine for a small U.S. startup; it’s inefficient for a Canadian finance team closing books monthly.

Venn connects through two-way sync with both QuickBooks Online and Xero. Transactions import automatically, match to receipts, and push reconciled data back to the ledger. Payables can be automated directly from accounting software, eliminating double entry and improving audit accuracy.

The result: less time chasing receipts and more time analyzing spend. Venn turns accounting into an automated workflow; Brex leaves it a manual process.

Venn vs Brex Compliance and Security

Brex’s regulatory framework sits entirely in the United States. Accounts are provided through FDIC-partnered institutions and governed by U.S. compliance standards, which means limited transparency for Canadian customers and non-Canadian data residency.

Venn operates under FINTRAC registration as a Canadian Money Services Business, partnering only with federally regulated financial institutions. All client funds are safeguarded, not lent out, and remain 100 percent recoverable even if a partner bank were to fail. Data is stored and protected under Canadian privacy law, keeping operations compliant end-to-end. All Venn funds are secured under CDIC protection, meaning that you're insured up to $100,000 on funds within Venn.

Where Brex relies on U.S. oversight, Venn is purpose-built for Canadian regulations and privacy requirements, giving finance teams confidence that their operations stay within domestic compliance frameworks.

Read more about Venn's CDIC protection on our help centre.

The Canadian Reality Check. How Venn Compares Beyond Brex

For Canadian businesses, the challenge isn’t just finding a “Brex alternative.” It’s finding a platform that actually fits the Canadian financial system, one that can handle Interac e-Transfers®, CAD and USD balances, and compliance under FINTRAC.

Brex, like most U.S. fintechs, wasn’t built for that. And while Canada’s Big 5 banks can handle traditional needs, they often lack automation, transparency, and modern integrations that finance teams expect.

Venn brings both worlds together: the trust and regulation of a Canadian institution, and the speed and usability of a global fintech.

Venn vs Brex vs RBC — The Comparison That Matters

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What This Means for Canadian Businesses

Brex represents the modern fintech experience, but it stops at the U.S. border. RBC represents the traditional banking model, but it can’t keep up with real-time business finance.

Venn was built to solve both problems.

• It gives Canadian companies the multi-currency functionality of global fintechs with the regulatory confidence of a domestic institution.
• It enables teams to send and receive local and international payments in minutes, not days.
• It automates reconciliation, expense tracking, and payables without manual exports or CSV uploads.

In other words: Venn is what Brex would look like if it were built for Canadian businesses, and what banks could be if they moved faster.

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Why Venn Works Better for Canadian Finance Teams

Most finance tools built for Canadian businesses still feel like they’re designed for a different decade, either too rigid, like a bank, or too fragmented, like a patchwork of U.S. fintech apps that don’t fully integrate.

Venn was built to change that.

Instead of forcing finance teams to manage payments, cards, and accounting across multiple disconnected systems, Venn brings everything together in one place, automating the work that slows Canadian businesses down.

Here’s how finance teams actually use Venn today.

1. Paying Global Vendors Without Cross-Border Headaches

Canadian companies are increasingly global,  working with U.S. contractors, suppliers in Europe, or marketing partners abroad. But using traditional banks or U.S.-based fintechs often means paying extra for FX conversions, slow wires, and unexpected intermediary fees.

With Venn, you can hold and pay directly in USD, GBP, EUR, or CAD, using the lowest FX rate in the market (just 0.25%) when you choose to convert. Transfers typically arrive the same or next business day, so finance teams can close payables faster and avoid currency losses.

It’s global payments built for Canadian reality, simple, transparent, and fast.

2. Managing Team Spend With Real-Time Control

Corporate cards shouldn’t mean giving up control. Venn’s multi-currency corporate card gives every team member or department their own spending limits, instantly adjustable from the dashboard. Finance leaders can see every transaction as it happens, attach receipts automatically, and get 1% cashback on every purchase with no cap or minimums.

Instead of reconciling dozens of reimbursements, finance teams get clean data flowing directly into their accounting system, without waiting for end-of-month statements.

The result? Instant visibility, zero friction.

3. Automating Accounting, Reconciliation, and Reporting

Manual reconciliation is one of the biggest time sinks for Canadian finance teams, especially those using tools that don’t sync properly with QuickBooks or Xero.

Venn eliminates that friction entirely. Every transaction, card purchase, or FX transfer is automatically recorded, categorized, and synced two ways with your accounting platform. That means no CSV exports, no double entry, and a fully up-to-date general ledger at all times.

For finance managers and controllers, this means less time cleaning data, and more time analyzing it.

4. Receiving U.S. Payments Locally (Without Hidden Fees)

For many Canadian companies, receiving U.S. payments has always been expensive. Even when using a “USD account” from a major bank, inbound transfers often still move through SWIFT, costing anywhere from $15–$30 CAD per transaction.

Venn fixes that with local U.S. ACH account access, meaning you can receive USD payments from U.S. clients as if you were operating locally, with no inbound wire fees and no hidden conversion costs.

It’s the simplest way for Canadian startups, agencies, and eCommerce businesses to operate cross-border without losing margin to their bank.

5. Keeping Everything Compliant, Secure, and Canadian

Every Venn account is governed by Canadian regulation under FINTRAC and safeguarded through federally regulated partners such as Peoples Trust Company. Unlike U.S.-based fintechs, your funds remain in Canada and are never lent out, meaning you always retain full ownership and recoverability. Furthermore, your funds are covered under CDIC protection, so you know that your funds are properly protected within Canada.

This structure ensures your business finances meet Canadian compliance standards for accounting, taxation, and data residency essential for CFOs managing domestic reporting obligations.

The Result: Simpler Finance, Faster Growth

Venn lets Canadian finance teams operate with the efficiency and visibility they’ve been waiting for, without changing how they work. It replaces the patchwork of systems (banks, FX providers, corporate card apps, manual exports) with a single, compliant platform that handles it all.

From paying global suppliers to reconciling in real time, Venn helps Canadian companies move faster, save on FX, and simplify finance - once and for all.

Why This Difference Actually Matters

Most comparisons stop at features. Accounts, cards, fees - but for finance teams, those are just inputs. What actually matters is how those systems affect your visibility, efficiency, and decision-making every day.

When you look closer, Brex and the Big 5 are built for entirely different audiences. Brex built speed, but for U.S. entities. The banks built compliance, but without modern usability. Neither one is designed for Canadian teams that operate globally but still have to reconcile in CAD, file GST, and run payroll locally.

That’s where Venn fits in.

By combining Canadian financial infrastructure with global capability, Venn lets finance leaders do more than move money. It gives them clarity, across currencies, teams, and systems, without the trade-offs that usually come with cross-border finance.

It’s not just about having another account or card. It’s about finally having a single source of financial truth, purpose-built for Canadian businesses right here in Canada.

Built for Canadian Business, Not Borrowed Infrastructure

For Canadian companies, the question isn’t whether Brex is a good platform, it’s whether it’s even the right kind of platform. Brex helped redefine corporate finance for U.S. startups, but it was never designed for Canadian businesses that move across borders, manage CAD and USD, and need tools aligned with domestic compliance.

Venn was. Venn gives Canadian finance teams the same level of automation, global reach, and sophistication all without relying on U.S. intermediaries, foreign compliance frameworks, or slow-moving legacy systems.

It’s one platform that finally brings multi-currency accounts, corporate cards, global payments, and accounting automation under Canadian regulation, with the transparency and control finance teams have been waiting for.

If you’re evaluating Brex, or trying to modernize how your company handles money, start with the option that’s built where you operate. Because the best business account for Canadian companies shouldn’t be adapted for Canada. It should be built for it.

Open a Venn business account — and see how simple global finance can be when it’s done locally.

FAQ

Q: Is Brex available in Canada?
A: No. Brex is currently only available to businesses incorporated in the United States that hold a U.S. federal tax ID (EIN). Canadian entities cannot open Brex accounts or issue Brex cards directly.

Q:What’s the best Brex alternative for Canadian companies?
A: For most Canadian businesses, Venn offers the closest equivalent — and more. It provides CAD and USD accounts, local ACH and Interac e-Transfer® payments, transparent 0.25% FX, and 1% unlimited cashback on all corporate card spend.

Q: Can Canadian businesses receive USD payments without conversion?
A: Yes. With Venn, Canadian companies can receive USD payments through local U.S. ACH rails, avoiding SWIFT fees and conversion costs entirely.

Q:How long does it take to open a Venn account?
A: Venn’s digital onboarding process typically verifies your business in under two hours, with no in-person visit required.

Q: Does Venn integrate with QuickBooks and Xero?
A: Yes. Venn offers true two-way sync with both QuickBooks Online and Xero, meaning transactions flow automatically and reconciliation happens in real time.

_{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.}