Float Launches Canada's First High-Yield Product To Help Canadian SMBs Navigate Inflation Challenges

Float Yield offers companies up to 2.7x the interest rate on CAD and USD balances vs traditional banks

TORONTO, Nov. 15, 2023 /CNW/ - 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, one of Canada’s fastest growing fintech companies, has launched Float Yield, its new high yield product for Canadian SMBs. (CNW Group/Float)

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.

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.

Building A Modern Financial Platform For Canadian Businesses
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 Rob Khazzam, CEO of Float. "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 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.

Key Benefits of Float Yield:

• Leading Rates: 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.
• No Lockups: 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.
• Fast, Free Account Opening: Opening a free Float account online automatically grants Canadian businesses access to monthly Float Yield payments in both CAD and USD. Signup takes just 15 minutes.
• Compounding Earnings: In addition to leading rates, Canadian businesses earn 1% cashback rewards on all monthly spending over $25,000 on the Float platform, in both CAD and USD.

Float Clients Save More With Float Yield:
"Float Yield is another example of how Float uses innovation to help Canadian companies save more in today's economy. The financial efficiency Float's platform drives helps us to focus on our mission of creating the leading AI-driven drug discovery platform," said Stephen Vescio, VP Finance at BenchSci.

"As a local Canadian company, we take pride in partnering with Float to enhance our financial efficiency. Innovations like Float Yield allow us to bolster our business finances so we can serve our ultimate goal of strengthening our community through high-quality work," said Sean Martin, Director of Operations at Reimar Forming & Construction in the Hamilton, Ontario area.

SOURCE Float

Amrita Gurney, Head of Marketing, [email protected]