Float has launched a new solution that enables Canadian businesses to instantly convert funds at rates up to 90% lower than traditional banks.
The Toronto-based business finance platform says the launch is part of Float’s broader U.S. spending package designed to support businesses with any degree of U.S. operations and is designed to mitigate the impact of currency volatility and trade tensions.
“With the Canadian dollar under pressure and potential trade disruptions looming, we designed Float FX to give Canadian businesses an advantage when operating across the border,” says Rob Khazzam, cofounder and chief executive officer of Float.
“Combined with offering high-yield interest on CAD and USD balances, Float provides material opportunities for companies to save on costs and protect margins—at a time when every dollar counts,” he said.
Float’s recent survey for The Financial Outlook of SMBs in 2025 report found that 39% of Canadian businesses exchange currency weekly or monthly but over half struggle with high fees and poor exchange rates, while almost as many find it challenging to manage CAD-USD fluctuations.
These findings highlight the significant gap in Canada’s financial infrastructure, according to the fintech, wherein outdated banking systems and slow processes make currency conversion costly and inefficient.
“This FX solution was purpose built for the Canadian market from the ground up,” explains Andrew Dale, who serves as Chief Financial Services Officer at Float. “That means we don’t use third-party tools that pile on additional costs for business owners and operators. Instead, we worked backwards from what we know Canadian companies need and built exactly that.”
Float Financial earlier this year raised $70 million in a Series B funding round led by Growth Equity at Goldman Sachs Alternatives with participation from OMERS Ventures, FJ Labs, Garage Capital, and Teralys.
That investment followed a $50 million credit facility secured in February of 2024.
Float has been using the funding to expand its product offerings, attract talent, and strengthen its market leadership nationwide.
The fintech platform is utilized by more than 4,000 companies across Canada.
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