In a bold move set to redefine Canadian business banking, fintech innovator Float today unveiled Float Business Accounts, billed as the country’s first fintech-built account offering zero fees, instant liquidity, market-leading interest, and CDIC insurance — all in one streamlined solution.
More than just a product launch, it signals a strategic turning point for Float, which has been steadily building a modern financial ecosystem in Canada grounded in simplicity and small-business empowerment.
A Fintech Taking on the Bankers
Founded in 2019 by Griffin Keglevich, Ruslan Nikolaev, and Rob Khazzam, Float began its journey simplifying corporate expenses with smart cards, real-time tracking, and integrated spend management software. Over time, it expanded into high-yield accounts—Float Yield offering up to 4% on balances in CAD and USD—and added bill pay and expense reimbursements to the mix, enabling end-to-end finance operations for businesses.
Moreover, Float’s survey from Q3 2024 highlighted persistent frustrations with legacy banking: “Canadian SMBs are… held back by an unmotivated banking sector and outdated financial tools.” Against this backdrop, today’s launch gains added clarity—it’s not just a product—it’s a challenge.
What’s New — and Why It Matters
Float Business Accounts merge multiple banking virtues that SMBs have long had to juggle:
- Zero fees — no monthly, transaction, or minimum-balance charges.
- Up to 4% interest without locking in funds, roughly 2.8× higher than traditional business savings accounts.
- CDIC insurance up to $100,000 plus 100% held in trust accounts.
- CAD and USD accounts with competitive FX rates for cross-border operations.
According to CEO Rob Khazzam, these features are part of a broader ambition: “Canadian businesses have been conditioned to think banking has to be slow, costly and restrictive. It doesn’t… This is just the beginning of rethinking what business banking should look like in this country.”
COO Andrew Dale echoed that sentiment: “The radical part… is that, for the first time, businesses don’t have to compromise.” Early user Gregory Kalinin of Holistic Coffee Roasters celebrated the integration: “This is what modern banking should look like.”
The platform ties directly into Float’s existing corporate card and expense management tools, delivering a unified financial operating system that businesses can set up in minutes—not weeks.
Built on Momentum—and Capital
This launch doesn’t occur in a vacuum. In January 2025, Float raised $70 million in a Series B led by Goldman Sachs Alternatives, bringing its total funding to over C$120 million. The capital is fuelling rapid expansion: Float has grown payment volume, revenue, and assets under management by substantial multiples since its Series A.
In early 2025, Float also unveiled an FX conversion product offering rates up to 90% better than banks—a deliberate move to support Canadian companies dealing in USD markets.
Why Now—Why It Matters
Canadian SMBs are optimistically pushing forward—yet increasingly constrained by financial friction. Float’s own data from Q3 2024 revealed two-thirds of SMBs struggle with cash flow, and many lack clear visibility into finances or a reliable banking partner.
Float Business Accounts directly respond to these pain points by delivering:
- Speed: Instant liquidity plus same-platform spend.
- Savings: No fees plus high returns.
- Sophistication: Insurance, dual-currency, and seamless integrations.
Float’s trajectory—from corporate spend management to holistic onboarding and now banking—marks it as one of Canada’s fastest-growing and most comprehensive SMB fintech platforms.
Looking Ahead
Float Business Accounts are available immediately to all new and existing users—no paperwork, credit checks, or waiting required.
Given Float’s aggressive roadmap, backed by robust capital and rapid innovation, this launch may well catalyze a broader shift in how Canadian businesses think about banking—not as a fixed institution, but as an agile, integrated service built to serve their needs.
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