Reimagining a financial system that actually works.

The SMB Manifesto: Reimagining a financial system that actually works

Canadian small business owners are a force to be reckoned with. Float’s recent State of SMB Finance in Canada study revealed that an astounding 87% of SMB owners and operators feel confident about their business’s current performance. This optimism isn’t just admirable — it fuels our economy. With SMBs comprising 98% of Canada’s 1.22 million employer businesses¹, your drive, innovation, and resilience are powering our nation’s growth and prosperity.

But there’s a disconnect between your ambitions and the support you receive. While you’re racing forward, the traditional financial system you rely on isn’t keeping pace. Float’s recent study found that half of SMB owners and operators feel that banks don’t understand their unique needs and aren’t interested in supporting small business owners ².

Respondents reported that banking products and services are inefficient and inadequate, and what’s worse, they exacerbate financial difficulties and cash flow constraints ². This lack of support is most acutely felt by new businesses, who reported significantly heightened financial challenges and dissatisfaction with traditional banks. And with a survival rate of only 60% for Canadian businesses in the first five years, this support is make-or-break³.

Canada’s outdated financial infrastructure caters to institutions, not small businesses. You deserve better. You deserve innovation, speed, and financial control — on your terms, not the bank’s. Imagine a world where your finances move at the speed of your ideas. Where capital is available the moment opportunity knocks. Where managing your money is as easy as clicking a button.

At Float, we believe this isn’t a pipe dream. It’s the potential future of Canada’s financial infrastructure, built on three key pillars that can transform your business: speed, access, and ease. It’s high time our financial systems matched the drive, determination, and dedication of the people who use them — you, the small business owners and operators of Canada.

Speed: Accelerating your financial momentum

At Float, we believe your money should move at the speed of your ambition in today’s  fast-paced business world, yet too often, finances languish in limbo.

How many contracts have slipped through your fingers because your working capital was trapped in pending transactions? How many discounts have you missed while waiting for funds to become available? It turns out, 65% of SMBs that experience long processing times for financial transactions also struggle with insufficient cash flow ².

When you close a deal, the money should be in your account instantly. No more waiting anxiously for checks to clear or transfers to complete. You’ll have the agility to seize opportunities as they arise, whether that’s jumping on a limited-time offer from a supplier or quickly funding a marketing campaign to capitalize on a trend.

Our vision places you in the driver’s seat, no longer trailing behind your finances, instead using your turbocharged cash flow to proactively grow your business.

Access: Unlocking your financial reach

For many small businesses, the tale of missed opportunities due to funding shortfalls is painfully familiar. We’ve seen how traditional lending, with its lengthy approval processes, rigid criteria, and one-size-fits-all solutions, often fails to meet the unique and urgent needs of small businesses. In fact, one in four SMBs has difficulty accessing capital; alarmingly, that number jumps to 70% for businesses younger than five years old². It’s a system that is stifling growth and innovation. 

It’s time to flip the script and write a new reality. One where open banking enables your financial data to work for you, creating access to more personalized tools and products. Your business’s full potential — not just a cold credit score — is what determines your access to capital. Your idle cash doesn’t just sit there — it works harder for you in high-yield accounts, compounding your earnings over time.

This is a financial ecosystem that puts funding options at your fingertips and capital in your hands within minutes, not months. After all, it isn’t just about getting money faster — it’s about leveling the playing field, giving  small businesses the financial firepower to compete with the big players. 

Ease: Simplifying your financial management

At Float, we firmly believe that financial tools should work for you, not against you. But one in four SMBs report having inefficient financial processes or systems, and half of all SMBs admit to spending up to 40 valuable hours per month on payments and reconciliation processes ².

But making matters worse, even after all that time spent on financial management, more than half of SMBs admit to finding errors in their financial records that require correction ², raising serious questions about the reliability of the financial information SMBs use to make critical business decisions. 

The complexity of financial management is a hidden tax on your business, sapping your time and energy that could be spent developing new business, connecting with customers, or even taking a well-deserved day off. 

We envision a different future, one where your entire financial ecosystem — banking, accounting, and tax filing — should live on a single platform. No more juggling multiple systems or doubling up on data entry. Automation handles routine tasks like invoice generation, expense categorization, and financial reporting so that you focus on running and growing your business. And when you need human support, it’s there to help, not hinder — offering simple solutions, not a maze of rules. 

In the world of financial ease we’re creating at Float, you’re powered by simplicity, not bogged down by bureaucracy. You’re staying ahead, not just keeping up. And in the process, you’re closing your books 8x faster and reclaiming your most precious resource: time.

The path forward: Modernizing finance to propel Canada’s economy

Speed, access, and ease — these pillars aren’t just good for your business, they’re vital for Canada’s economic future. 

As SMB owners and operators, you are the beating heart of our economy. Your innovation, grit, and risk-taking drive job creation and fuel growth across the country. By championing a modernized financial infrastructure, we’re not just easing your day-to-day operations — we’re laying the foundation for a more dynamic and competitive Canada, where businesses are unshackled and financial support matches your ambition and work ethic. A nation that attracts global talent and nurtures homegrown innovation. 

You don’t need to put up with less. You don’t need to put up with one more lineup, one more waiting period, one more fee.

At Float, we’re not waiting for traditional banks to evolve or government to reform policy. We’re driving change today, with higher interest on your cash balances, interest-free funding, faster bill payment experiences, and more to come before the year is out.

It’s time to raise the bar. While consumers have seen their financial lives transformed by innovative fintech companies, small business owners have been left to deal with outdated systems and processes. This ends now. Say no to vendors who don’t meet your standards, and reject financial institutions that treat you like an afterthought. Demand and embrace financial technologies that truly serve your needs.  You deserve better and it’s within your power to insist on it.

The world is changing rapidly, and Canada’s financial infrastructure must not just keep pace — it must lead. By modernizing our financial systems to truly support SMBs, we can position Canada at the forefront of global innovation and economic growth. Because when you succeed, we all succeed.

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