Toronto-based fintech platform Float has launched a new FX solution tailored to help Canadian businesses instantly convert funds at rates up to 90% lower than traditional banks. The feature is part of Float’s broader U.S. spending package aimed at supporting businesses with cross-border operations, addressing growing concerns over 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,” said Rob Khazzam, CEO and co-founder of Float.
The launch follows findings from Float’s recent Financial Outlook of SMBs in 2025 report, which revealed:
- 39% of businesses exchange currency regularly
- Over 50% are burdened by high fees and poor exchange rates
- A significant number struggle to manage CAD-USD fluctuations
The new FX tool not only reduces costs but also integrates seamlessly with Float’s offerings like high-yield interest accounts in both CAD and USD. “We built this FX solution from the ground up for Canadian businesses,” added Andrew Dale, Chief Financial Services Officer at Float. “It’s not layered with third-party tools—just a streamlined, cost-effective solution.”
The product launch comes on the heels of Float’s $70 million Series B funding round led by Goldman Sachs Alternatives, following a $50 million credit facility secured earlier this year. With over 4,000 companies on its platform, Float continues to reinforce its position as a modern finance partner for Canadian businesses.
