‍

Full Interview

About Traction Health

• Founded: 2016
• Location: Toronto, ON
• Industry: Health & Wellness Technology
• Employees: 5-10

Traction Health, a subsidiary of Synchronous Systems, is an innovation-driven company focused on mobile human performance testing technology. Anthony, the founder, envisioned a platform where the athlete—not the lab—becomes the centre of performance testing. His approach challenges traditional, stationary lab settings by creating a “mobile lab” that captures real-world performance data. With seven years of R&D, Traction Health has made strides in providing cutting-edge tools for coaches, athletes, and researchers worldwide.

The Problem

As Traction Health scaled its operations, the limitations of traditional banking became increasingly apparent. The founder, Anthony, transitioned from a large banking institution, TD, which he described as having archaic systems that did not cater to the needs of startups or smaller businesses. Key challenges included:

• High Fees: Monthly fees and transaction charges were exorbitant for a growing startup. Anthony noted that a single NSF (non-sufficient funds) incident led to over $400 in fees due to multiple charges incurred from one failed transaction.
• Inefficient Processes: The need for physical paperwork and in-person visits to manage banking tasks was cumbersome. This was particularly problematic for a tech-driven company that required agility and efficiency.
• Lack of Support for Startups: Traditional banks often prioritize larger clients, leaving smaller businesses without the necessary support or resources to thrive.

The Solution

Traction Health found its solution in Vault, which offered a modern banking experience tailored to the needs of startups. Since adopting Vault, Traction Health has experienced significant improvements:

• Cost Efficiency: Unlike traditional banking, Traction Health reports that it generates income through Vault’s cashback rather than incurring fees. This shift has positively impacted their financial health and operational budget.
• Streamlined Operations: Vault's digital platform allows for easy management of transactions and financial reporting. Anthony highlighted the ability to generate professional PDFs for investor communications, enhancing their corporate image.
• Scalability: With regular updates and new features from Vault's engineering team, Traction Health feels confident in its ability to scale without facing limitations imposed by outdated banking systems.

Customer Feedback

Anthony rated Vault a 9 out of 10, citing only minor areas for improvement. In contrast, he rated traditional banks a mere 3 out of 10, emphasizing that their services were primarily necessary rather than beneficial.

“We don’t spend money on Vault; we make money on Vault,” Anthony remarked, illustrating the stark contrast between his experiences with traditional banking and the innovative solutions provided by Vault.

Conclusion

Vault transformed Traction Health’s financial operations. Beyond saving money on banking fees, Vault has enabled Traction Health to streamline its workflow, ensuring seamless communication with investors and vendors. Anthony describes it as a “polar opposite” to TD, where Traction Health is no longer burdened by unnecessary fees and bureaucratic processes, but rather empowered to operate efficiently and professionally. This digital convenience has helped Traction Health project the image of a much larger organization.

Looking ahead, Anthony sees no limitations with Vault as Traction Health scales: “We’re more in a position of keeping up with Vault rather than you keeping up with us.”