Float Launches Canada’s First High-Yield Product To Help Canadian SMBs Navigate Inflation Challenges

Float, one of Canada’s fastest growing fintech companies, has launched Float Yield, its new high yield product for Canadian SMBs. Float Yield gives businesses up to 2.7x the interest rates on their cash balances compared to traditional banks – and allows them to earn these rates on both CAD and USD funds, doubling their opportunity to save. 

Float is Canada’s first fintech to offer these rates from the first dollar, in two currencies, to thousands of Canadian SMBs – representing exceptional value in a difficult economy. A typical SMB with a $250,000 cash balance with Float Yield has the potential to earn up to $10,000 annually.

As inflation remains stubbornly high, one-in-six Canada’s SMEs are struggling – with most getting squeezed further as banks cancel or scale back credit lines and layer small business accounts with restrictive terms and fine print. 

Building A Modern Financial Platform For Canadian Businesses

Float CEO Rob Khazzam says Float Yield reflects Float’s mission to simplify corporate finances for Canadian SMEs. “Float Yield is another step forward on our path to create new financial opportunities for Canadian businesses,” said Rob Khazzam, CEO of Float. “We believe that by offering leading interest rates without the bureaucracy and fees of traditional financial institutions, Float not only enables businesses to control their spending but also earn attractive returns on their cash.”

For Khazzam, the introduction of Float Yield also signals a strategic leap forward toward Float’s vision to build a modern financial platform that powers Canadian companies and teams. 

Float currently serves thousands of Canadian SMBs with its business finance platform, facilitating over 200,000 monthly transactions for companies ranging from startups to established industry veterans.

Key Benefits of Float Yield:

  • Leading Rates: Float Yield pays Canadian companies 4% on their CAD and USD Float balances from the first dollar, up to 2.7x today’s average bank rates. These rates are not teaser rates, and Float is the first fintech in Canada to offer these rates in two currencies to Canadian businesses of any size.
  • No Lockups: Canadian businesses can seamlessly transfer and withdraw funds directly from the Float platform. Float customer balances are not invested in GICs, ETFs or money market instruments – they remain held in cash, in full, at a Tier 1 Canadian bank. 
  • Fast, Free Account Opening: Opening a free Float account online automatically grants Canadian businesses access to monthly Float Yield payments in both CAD and USD. Signup takes just 15 minutes.
  • Compounding Earnings: In addition to leading rates, Canadian businesses earn 1% cashback rewards on all monthly spending over $25,000 on the Float platform, in both CAD and USD. 

Float Clients Save More With Float Yield:

“Float Yield is another example of how Float uses innovation to help Canadian companies save more in today’s economy. The financial efficiency Float’s platform drives helps us focus on our mission of creating the leading AI-driven drug discovery platform,” said Stephen Vescio, VP Finance at BenchSci.

“As a local Canadian company, we take pride in partnering with Float to enhance our financial efficiency. Innovations like Float Yield allow us to bolster our business finances so we can serve our ultimate goal of strengthening our community through high-quality work,” said Sean Martin, Director of Operations at Reimar Forming & Construction in the Hamilton, Ontario area.

The Month-End: October

We’re transitioning out of October’s spooky season, but for many finance professionals the real scare remains – a time-consuming month-end. However, we’re here to put your financial fears to rest, and this month we’ve got all treats and no tricks for our customers at Float.

Transaction Splits for All

Transaction Splits is now available for Float customers on both the Professional and Essential plans (including Managers and Spenders too). That means every Float customer can now split different amounts to different accounts, and cardholders can now split their own transactions too. To enable Transaction Splits for Managers and Spenders, head to the “Settings – General Account” page in your Float Administrator dashboard. Spenders will be notified to log in to Float and itemize transactions for easy export. It’s all about simplifying your financial process.

Close Faster with Custom Accounting

Float’s new Accounting Hub is designed to streamline your financial close. We’ve introduced enhanced functionality to ensure your accounting syncs are tailored to your unique business needs, so you don’t have to burn the midnight oil at month-end. Customize columns you see to match your workflow, ensuring you only see what you need. Get insight into non-compliant transactions making sure every transaction is above-board and ready for export. Once reviewed, open exported transactions directly to Xero, QBO, and NetSuite – no need to fumble around with different tools. If you haven’t yet, be sure to check out your new Accounting Hub today to make your next month end with Float that much faster.

The Mobile App You’ve All Been Waiting For

You asked and we answered. The Float mobile app is on the horizon and we couldn’t be more excited. This app will allow your team to manage finances on the go, offering convenience and efficiency. Your team will soon be able to:

  • Request spend and reimbursements with just a few taps
  • Capture receipts directly within the app, reducing the need for receipt-chasing at month-end 
  • View all their transactions, complete with compliance status, in one simple view

The mobile app will streamline how your team spends with a hassle-free experience. Stay tuned for the official announcement.

Until Next Time 👋

Float is your trusted partner in making managing your company spend less intimidating and more efficient. With features like Transaction Splits, our new custom Accounting Hub, and the upcoming mobile app, we’re here to support you in your journey to smarter spend management. If you’re not a Float customer (yet) signing up is simple. Get started for free or book a demo to connect with our sales team. Happy managing, finance professionals!