Float Launches Hybrid SME Accounts
Float Launches Hybrid SME Accounts
Float, a Toronto-based FinTech founded in 2019, offers corporate cards, expense-tracking software, and accounting services for Canadian SMEs. Now, it has introduced Business Accounts that blend the benefits of chequing and savings accounts.
Account Features
Zero fees and no minimum balance requirements
Full access to funds anytime
Up to 4% interest on balances over $50K, 2.5% under $50K
CAD and USD support for cross-border transactions
CDIC insurance up to $100,000
Integrated with Float’s cards and expense software
Why This Matters
SMEs gain a flexible alternative to traditional business banking. With no fees, high interest rates, and easy access to funds, Float helps businesses improve cash flow and manage finances more efficiently. Its FX product also offers CAD-USD conversion at just 0.25%, far cheaper than most banks.
What This Means for the Industry
For SMEs:
Provide businesses with an opportunity to access services with no fees, high interest rates, and cross-border capabilities, improving cash flow management and reducing international transaction costs.
For the FinTech Ecosystem:
Highlights the growing role of FinTech companies in reshaping financial services. The integration of multiple financial solutions into one platform makes it easier for businesses to manage their finances.
