Float Financial review
- Monthly Account Fee
- $0
- Multi Currency Accounts
- CAD and USD
Our verdict
Get a high-limit corporate card, streamlined expense management and a high yield on your business savings, but there are some drawbacks to consider.
If you're looking for a quick, easy and affordable way to manage your business finances, Float is designed with you in mind. It offers CAD and USD corporate cards, a high yield of up to 4% on your business balance, and an all-in-one platform designed to help streamline bill payments, expense management, employee reimbursements and more.
While it does have some limitations, like no physical branches for in-person support, it's well worth a look if you're searching for a better way to manage your money.
Pros
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CAD and USD corporate cards
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Earn 1% cashback on spending
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Streamlined expense management and bill payments
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Earn up to 4% interest on your balance
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User-friendly platform and mobile app
Cons
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Relatively new company
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No physical branches
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Cashback applies to monthly card spend over $25,000
What does Float Financial offer?
Float Financial offers an all-in-one finance platform for Canadian businesses. It offers the following products and services to help you manage your business finances.
Corporate cards
You can issue unlimited corporate cards to manage your business spending in CAD and USD. Card limits of up to $1,000,000 are available, you can easily set spending limits, and there are no annual card fees to worry about. You also get 1% cashback on your spending.
Float corporate cards operate on two different models:
- A charge funding model: The balance on Float Charge cards must be repaid in full at the end of each month, so no balance can be carried over into the next month.
- A prepaid funding model: Float Prepaid cards pay up to 4% interest on the money you deposit, depending on your balance.
Bill payments
Float Financial’s Bill Pay software solution is designed to help you streamline your accounts payable process. It automates invoice collection, the execution of EFT, ACH and wire payments, and account reconciliation. Other features include instant bulk bill upload, customizable approval workflows and automatic syncing with account software.
Expense management
You can track your business spending through the Float platform. Issue unlimited cards to your team members, add funds to cards only when required and let your employees take advantage of easy, real-time receipt collection.. You can then process multiple expenses at once and reimburse your team members as quickly as one business day.
High yield accounts
With Float Yield, you can earn up to 4% interest on your CAD and USD business balances. The standard rate on balances is 2.5%, but this increases to 4% if you have $25,000 or more.
What are the benefits of Float Financial?
- Unlimited cards. On the free Essentials plan, you can issue up to 20 physical cards and unlimited virtual cards. There’s no limit to the number of physical cards you can issue on a paid Professional plan.
- Spend in CAD and USD. Float corporate cards allow you to pay for business expenses with CAD and USD, and card limits of up to $1,000,000 are available with no personal guarantees required.
- 1% cashback. After your first $25,000 of monthly spend on your Float corporate cards, you’ll earn 1% cashback across all categories.
- Automated bill payments and expense management. Float Financial makes it quick and easy to collect, approve and pay invoices. Employees can also take advantage of real-time receipt collection with the Float mobile app, and you can enjoy simplified approvals to ensure that staff are reimbursed quickly.
- Accounting software integrations. Float integrates with Quickbooks Online, Xero, and Netsuite to help streamline and simplify your bookkeeping.
- High interest rates. You’ll earn between 2.5% and 4% interest on your CAD and USD balances with Float Yield, allowing you to put your unused business cash to work. There’s also no need to lock your money away—you can access your funds whenever you need.
- Competitive FX rates. Float offers instant CAD/USD exchanges with better exchange rates than you can get from a traditional bank.
- User-friendly mobile app. The Float mobile app can be used to upload receipts, request new cards, set temporary spending limits, track your spending and more.
- CDIC insurance coverage. Float Financial partnered with a tier 1 regulated Canadian financial institution that is a CDIC-member to offer CDIC insurance of up to $100,000 CAD total coverage for your combined CAD and USD cash account balances (where USD balances are covered at their CAD equivalent value).
What are the drawbacks of Float Financial?
- Relatively new company. Float was only founded in 2019, so you don’t get the peace of mind of dealing with an established banking provider.
- Tiered interest rate structure. You’ll need a balance of at least $25,000 to earn the maximum advertised interest rate of 4%.
- FX fee. Converting from CAD to USD or vice versa? You’ll pay a 0.25% currency conversion fee.
- Cashback minimum. Cashback only applies to your monthly card spend over $25,000.
- No physical branches. Float Financial doesn’t operate branches like a traditional bank, so you can’t visit your nearest location for in-person customer service.
Compare Float Financial plans
| Essentials | Professional | Enterprise | |
|---|---|---|---|
| Cost | $0 | $10 per user per month (minimum of $100 per month) | Contact Float Financial for pricing details |
| Physical cards | 20 | Unlimited | Unlimited |
| Virtual cards | Unlimited | Unlimited | Unlimited |
| Card currencies | CAD, USD | CAD, USD | CAD, USD |
| Team management with multi-level requests and approvals |  |  | |
| Apple Pay and Google Pay | | | |
| Cashback | 1% with over $25,000 in monthly spending | 1% with over $25,000 in monthly spending | 1% with over $25,000 in monthly spending |
| Interest rate | 2.5% – 4% depending on account balance | 2.5% – 4% depending on account balance | 2.5% – 4% depending on account balance |
| Employee reimbursements with direct payouts | CAD | CAD, USD | CAD, USD |
| Automated receipt collection and matching | | | |
| Custom card limits and merchant controls | | Advanced | Advanced |
| Custom workflows for team spend requests and approvals | | Advanced | Advanced |
| Real-time reporting and insights | | | |
| FX fee | 0.25% | 0.25% | 0.25% |
| Two-way accounting sync | QBO, Xero, Custom Exports | QBO, Xero, Custom Exports, NetSuite | QBO, Xero, Custom Exports, NetSuite |
| Email, live chat and phone support | | | |
| Priority support | | | |
Is Float Financial legit?
Float Financial was founded in 2019, launched its first product in 2021 and is headquartered in Toronto, Canada. It is registered as a Money Services Business with FINTRAC, and the CAD and USD funds you deposit with Float are held in dedicated accounts at Tier 1 Canadian banks.
In January 2025, Float announced that it had signed a $70 million Series B financing round, bringing its total funds raised in the previous 12 months to $120 million.
What should I know before I apply?
To be eligible to apply with Float Financial, your business must:
- Be legally registered in Canada or the USA.
- Complete KYB verification.
How do I open a Float Financial account?
When you’re ready to open a Float Financial account, here’s what you need to do.
- Visit the Float Financial website and click “Get Started.”
- Enter your name, work email address and phone number.
- Enter your company name and size.
- Enter details of your current monthly credit card spend.
- Follow the prompts to complete the application process.
Once you’ve completed verification you can add team members to your account, deposit funds and start issuing corporate cards.
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Finder Score for business bank accounts
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 20+ business bank accounts and 15+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
Bottom line
Float Financial offers plenty of benefits for your business’ finance team. It helps to simplify a host of your day-to-day money management tasks, while at the same time also providing perks like cashback and a high interest rate on your unused funds. Compare Float Financial with other business payment and accounting solutions to find the right platform for your requirements.
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