Float Financial

What Float Financial does

Float Financial Solutions Inc. is a Toronto-based Canadian fintech that provides a unified business finance platform for small and mid-sized Canadian companies. The company combines corporate cards (Visa CAD via Peoples Trust, Mastercard USD via Thread Bank), high-interest CDIC-insured business accounts (up to 3.5% on balances), CAD/USD foreign exchange at a 0.25% fee, expense management, reimbursements, and bill pay into a single integrated product. Float serves more than 7,500 Canadian businesses across startups, small businesses, mid-market, solopreneurs, and verticals including non-profits, agencies, e-commerce/retail, and hospitality.

Underlying the platform is Float Intelligence, a proprietary agentic AI layer that runs inference within Float's own cloud infrastructure and assigns general ledger codes and Canadian tax codes to transactions at 95%+ precision. The platform also includes Float Charge (interest-free unsecured credit up to CAD $3M+), Float FX (CAD/USD conversion), and Float Yield (high-interest account balances). Direct integrations span QuickBooks, Xero, NetSuite, 100+ HRIS platforms, and Slack. Card products are issued by regulated banking partners (Peoples Trust, Thread Bank) with customer funds held in trust at Scotiabank (CDIC coverage to CAD $100K).

Float monetizes through multiple streams: net interest income on customer deposits (base 2.5%, promotional boost to 3.5%), card interchange on prepaid and credit transactions, 0.25% FX fees, subscription SaaS fees for Professional (CAD $10/user/month) and Enterprise plans, and 1% cashback paid back to customers above a CAD $25K monthly spend threshold. Distribution is product-led via a $0 free Essentials tier with 5-minute signup, supplemented by a sales-assisted motion for mid-market and enterprise customers. The company has raised approximately CAD $300 million cumulatively across equity (Series A US$30M led by Tiger Global in 2021, Series B CAD $70M led by Goldman Sachs Alternatives in January 2025, Series C CAD $85M led by Inovia Capital in June 2026) and a CAD $100M debt facility from Silicon Valley Bank and a tier-1 Canadian bank in January 2026. Founded by Ruslan Nikolaev (COO), Griffin Keglevich (CTO), and Rob Khazzam (CEO), Float was named the #1 fastest-growing fintech in Canada on The Globe and Mail's Top Growing Companies of 2025.

Name

Float Financial

Legal name

Float Financial Solutions Inc.

Website

https://floatfinancial.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Float Financial is a Toronto-based Canadian fintech that provides a unified business finance platform — corporate cards, high-interest business accounts, FX, expense management, reimbursements, and bill pay — purpose-built for Canadian SMBs and powered by its proprietary Float Intelligence AI layer.

Ownership category

akta.pro rank

Product category

Corporate Spend Management & Business Banking

NAICS

Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Depository Credit Intermediation (5221), Sales Financing (52222)

SIC

Finance Services (6199), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG)

akta.pro secondary industries

FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), General-Purpose Credit Card Schemes (FSAMAAAA), Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM)

Keywords

• Corporate card platform
• Spend management software
• Business expense automation
• High-yield business banking
• Corporate FX solutions

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Subscription SaaS fees (Professional and Enterprise plans): Professional plan starts at $10/user/month with paid features like NetSuite integration, API access, over 20 physical cards, USD ACH payouts, and advanced approvals. Enterprise plan available for larger customers via sales engagement. Recurring software revenue model.
2. Net interest income on customer deposits: Earns net interest spread on customer balances held in business accounts. Base rate of 2.5% paid to customers (Canada's leading rate), up to 3.5% with promotional boost. Float retains the spread between what it earns on deposits at partner banks and the rate paid to customers.
3. FX transaction fees: 0.25% fee applied on currency conversion between CAD and USD (90% cheaper than traditional banks averaging 3%). Fee charged in the currency being converted from.
4. Interchange and Float Charge credit margins: Revenue from card interchange on prepaid and credit card transactions, plus Float Charge credit product (interest-free unsecured credit with up to 30-day repayment terms, limits up to $3M+). Cashback of 1% paid to customers after first $25K monthly spend.
5. Interest boost promotional program: Limited-time 1% interest rate boost promotion (until August 31, 2026) available to opted-in customers on new funds above their April 2026 baseline balance, capped at $25M per currency. Drives customer acquisition and deposit growth.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels10 records

Core offering

Float Financial operates a unified Canadian business finance platform offering corporate cards (Visa CAD and Mastercard USD), high-yield CDIC-insured business accounts, CAD/USD FX, expense management, reimbursements, bill pay, and the Float Intelligence AI layer for automated transaction coding and receipt OCR. The platform is purpose-built for Canadian businesses, supporting Canadian tax codes, provincial/territorial compliance, and bilingual English/French invoicing, and replaces multiple fragmented banking and spend management tools with a single integrated product.

Product overview

Float Financial offers a single unified business finance platform that combines several core products into one integrated solution purpose-built for Canadian businesses. The platform centers on Business Accounts (the foundational banking product offering up to 3.5% interest with CDIC insurance), Corporate Cards (issued as Visa CAD and Mastercard USD cards), FX (CAD/USD conversion at 90% lower fees), Expense Management, Reimbursements, and Bill Pay — all powered by Float Intelligence, a proprietary AI and automation layer that runs inference in Float's own cloud to handle receipt OCR, transaction coding with 95%+ precision, and month-end close acceleration (claimed to be up to 8x faster). Supporting features include a Mobile App for iOS and Android, Reporting & Insights dashboards, a Trust & Security foundation with zero-liability fraud protection, direct accounting integrations (QuickBooks, Xero, NetSuite), HRIS integrations, and a custom API for enterprise workflows. Together these products replace multiple traditional banking and spend management tools with one platform serving startups, small businesses, mid-market companies, and industry-specific segments.

Differentiator

Problem solved

Functional benefit

Brands

• Float Intelligence: Proprietary AI layer for automated transaction coding, receipt matching, and Canadian-trained coding of GL and tax codes.
• Float Charge
• Float Yield
• Float FX

Products and services

• Corporate Cards Unlimited CAD and USD corporate cards with built-in controls, real-time tracking, automated spend controls, and zero receipt chasing. Available via Pre-funded (drawn from Float balance) or Charge (interest-free unsecured credit up to $3M+) funding models. Includes 1% cashback on all categories after the first $25K of monthly spend. Visa-issued CAD cards and Mastercard-issued USD cards.
• Business Accounts CDIC-insured, high-yield Canadian and US business accounts with up to 3.5% interest on balances (2.5% base rate plus promotional 1% boost), no monthly fees, no transaction fees on receiving funds via ACH/EFT, and zero lockups. Funds held in trust accounts at Scotiabank. Supports both CAD and USD balances in a single platform.
• FX (Foreign Exchange) Instant CAD/USD currency exchange at market-leading rates with a 0.25% FX fee (claimed to be 90% cheaper than traditional banks). Allows CAD-USD conversion 24/7 within Float without requiring a separate USD bank account. Supports USD card issuance, ACH payments, wires, and reimbursements to US-based employees.
• Expense Management Real-time spend visibility, automated approvals, receipt collection reminders, OCR-based receipt data extraction, and AI-powered transaction auto-coding for faster month-end close. Includes customizable approval workflows, automatic GL code and tax code assignment, and direct sync to QuickBooks, Xero, or NetSuite.
• Reimbursements Automated employee out-of-pocket expense reimbursement workflows with AI-powered OCR receipt capture, customizable multi-level approval workflows (via mobile, email, or Slack), mileage calculation, and direct payouts in CAD or USD via free EFT/ACH. Included on all Float plans with HRIS-driven employee sync across 100+ HRIS platforms.
• Bill Pay (Accounts Payable) Accounts payable automation with AI-powered OCR for invoice intake, customizable approval workflows, and free EFT/ACH payment rails plus global wires to 100+ countries. Supports English and French invoices, syncs to QuickBooks, Xero, or NetSuite, and offers real-time payment status tracking.
• Float Intelligence Proprietary AI and automation layer that runs inference entirely within Float's own cloud infrastructure (no third-party model providers). Powers receipt matching, transaction coding with 95%+ precision (GL and Canadian tax codes), reconciliation, and accelerated month-end close. Canadian-trained on Canadian tax rules and accounting patterns.
• Float Charge Interest-free, unsecured credit product for Float Business Accounts offering up to $3M+ in credit limits with 15-day or 30-day repayment terms. No credit checks and no personal guarantees required.

Quantifiable outcome

• Customers save an average of 7% on total spend through Float's rewards structure
• +9 more outcomes

Named customers21 records

Segments9 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability10 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered flagship and core.

• Payments CanadaflagshipTechnology or Integration · 1 January 2026Float Financial Solutions admitted as a Payment Service Provider member of Payments Canada in January 2026 (alongside Wise Payments Canada, KOHO Financial, Paramount Commerce, Brim Financial). Membership expands Float's access to Canadian payment systems, which cleared and settled over $411 billion per business day in 2025, ahead of the forthcoming Real-Time Rail.
• Peoples Trust CompanyflagshipOEM/ Whitelabel/ Licensing PartnerIssuing partner for the Float Visa Prepaid Card under licence from Visa International. Funds associated with the Float Visa Prepaid Card, including funds held in business accounts, are held at CDIC-member Canadian financial institutions and eligible for CDIC deposit insurance.
• Thread Bank (Member FDIC)flagshipOEM/ Whitelabel/ Licensing PartnerIssuing partner for the Float Mastercard USD Card under licence from Mastercard International. Banking services for USD cards are provided by Thread Bank, Member FDIC. FDIC insurance available for funds on deposit subject to limits.
• QuickBooks (Intuit)coreTechnology or IntegrationDirect integration with QuickBooks Online (QBO) for automatic synchronization of transactions, bills, payments, reimbursements, and attached files in real-time.
• XerocoreTechnology or IntegrationDirect integration with Xero for automatic synchronization of transactions, bills, payments, and receipts.
• NetSuite (Oracle)coreTechnology or IntegrationDirect integration with NetSuite available on Professional and Enterprise plans for automatic export of transactions, reimbursements, and bills.
• HRIS Integration Partners (100+)coreTechnology or IntegrationFloat Reimbursements integrates with 100+ HRIS platforms to keep approval sequences up to date and add employees to manage team spend in one platform.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Brex: US-originated all-in-one corporate card and spend management platform serving startups and mid-market. Direct competitor to Float in product offering (cards, expense management, bill pay) but operating primarily in the US; Float positions itself as the Canadian alternative addressing local tax/regulatory gaps that Brex does not natively support.
• Ramp: US corporate card and spend management platform offering cards, expense management, bill pay, and AI-powered automation. Closest functional competitor to Float, particularly on the AI/coding automation front; Ramp's expansion plans into Canada would directly threaten Float's domestic moat.
• KOHO Financial: Canadian fintech also admitted as a Payments Canada Payment Service Provider member alongside Float in January 2026. Offers consumer and business financial products including accounts with interest, prepaid cards, and credit — overlapping with Float's business accounts and Float Yield value proposition for Canadian SMBs and consumers.
• Brim Financial: Toronto-based Canadian fintech offering credit cards and financial products. Co-admitted to Payments Canada membership alongside Float in January 2026. Competes in the Canadian corporate and consumer card market with similar bank-partner issuing model.
• Jeeves: Canadian-founded corporate card and spend management platform serving SMBs and startups across multiple countries. Direct competitor to Float in the Canadian market with overlapping corporate card, expense management, and FX offerings; Float's Float Intelligence AI layer is a key differentiator against Jeeves.
• Pleo: European-headquartered corporate card and expense management platform serving SMBs across Europe. Operates a similar bank-partner-issued card model and offers expense management, bill pay, and reimbursements — directly comparable to Float's core product suite though primarily European geography.
• Spendesk: European spend management platform offering corporate cards, expense management, and invoice processing for SMBs and mid-market. Directly comparable business model and product suite to Float, though primarily serving European markets; useful comp for product roadmap and unit economics.
• Airbase: US corporate card, bill pay, and expense management platform serving mid-market companies. Comparable in scale and target customer to Float's mid-market push, with overlapping product offerings around spend management and approval workflows; direct comp for Float's enterprise expansion strategy.

Broad incumbents

• Wise (formerly TransferWise): Cross-border payments and multi-currency account platform; co-admitted to Payments Canada membership alongside Float. While Wise primarily serves individuals and remittance, its multi-currency account and FX capabilities overlap with Float FX and Float's USD card offering for Canadian SMBs.
• Mercury: US digital business banking platform serving startups with accounts, cards, treasury, and bill pay. Operates a similar bank-partner model (Choice Financial, Evolve Bank) to Float's Peoples Trust/Thread Bank relationships. Comparable on the business account + card + treasury product structure, though US-focused and larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/float_financial
• Facebookfacebook.com/floatfinancial
• LinkedInlinkedin.com/company/floatfinancial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds7 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Float Financial