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.
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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.
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 Khazzam.
“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 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.
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.
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.