Post Content Type: Product Launch

Float is proud to announce two new solutions: Float Bill Pay and Float Reimbursements. 

These additions make Float the first business finance platform in Canada designed to offer an end-to-end solution that simplifies all non-payroll spending, driving up to 7% savings on corporate spend for Canadian companies and teams by offering 1% cashback, 4% yield on deposits, eliminating FX fees, and helping employees save up to 20 hrs per month on manual expense submissions.

“Four years ago, we embarked on a mission to revolutionize corporate spending in Canada,” said Rob Khazzam, CEO and Co-Founder of Float. “We noticed a significant gap in the market – Canadian businesses were either forced to rely on international solutions that weren’t localized for Canada or settle for outdated local options. Today, we are proud to introduce Float Bill Pay and Float Reimbursements, designed specifically for Canadian finance teams.”

Float’s business finance platform is the only solution in Canada to integrate reimbursements, corporate cards, a credit facility and bill payments — including bank, EFT, wire, and ACH payments — into a single, streamlined platform. This consolidation allows businesses to manage all their spending in one place, eliminating the inefficiencies and frustrations associated with fragmented systems.

“It’s amazing to see how Float has grown from offering smart corporate cards to becoming an entire payment processing platform with its new addition, Bill Pay. They’ve listened to the needs of their target market and delivered an all-encompassing tool, which allows for greater visibility into cash expenditures. In a world where software is becoming more specific and less of a one-stop shop, having a centralized platform for all our accounts payable needs means one less software to manage and more time for meaningful work.”

Eleni Kasimos, Director of Finance at CPA education platform LumiQ

New Angus Reid Group survey data reveals the productivity challenges Canadians are facing when it comes to managing their corporate expenses and payroll. In a survey of 200 Canadian finance leaders:

• 71% said that expense reporting needs to be more efficient
• 69% feel that processing and paying vendor invoices needs to be more efficient
• 56% spend 1-7 days per week processing invoices, with 18% 4-7 days per week

Key features of Bill Pay and Reimbursements include:

• Robust and Fast Bill Intake Process: Utilizing advanced OCR and AI technologies, Bill Pay extracts relevant information from bills, significantly reducing manual data entry and streamlining the process.
• Automated Approval Policies and Workflows: These features ensure bills are managed efficiently, freeing finance teams from manual oversight.
• Embedded EFT, ACH, and Wire Payments: Bill Pay supports payments in both CAD and USD directly from the platform, eliminating the need for outdated bank account management.
• Seamless Reconciliation: Bill Pay integrates smoothly with QuickBooks Online (QBO), Xero, and Float, ensuring accurate and effortless reconciliation.
• Reimbursements: Eliminate manual expense reports, keep all company spending in one platform, and speed up approvals and payouts

These innovations highlight Float’s commitment to addressing the specific needs of Canadian SMBs and enhancing the efficiency of their financial operations. As Canadian businesses adopt these new tools, they can look forward to more efficient operations, reduced administrative burdens, and a unified approach to managing non-payroll expenses. Companies can sign up for early access at www.floatfinancial.com/bill-pay

Are manual bill payments and multi-platform juggling holding back your finance team’s efficiency? Float’s Bill Pay feature was created to solve exactly these issues—streamlining the process of managing some of your largest business expenses all in one intuitive platform.

In our recent webinar, Thomas Kwon, Head of Finance at CentML, shared insights on how Float’s Bill Pay transformed his team’s workflows. Here’s a quick recap of the highlights:

Centralized Bill Payments for Seamless Financial Operations

Thomas, a longtime Float user, introduced Bill Pay to CentML to streamline their non-payroll spending. Having used other bill payment tools, he found Float’s approach to be more integrated and flexible, which was a game-changer for his team. Unlike other platforms, Float supports direct integration with single sign-on (SSO), making it easy to manage employee access securely in one place.

Increased Flexibility and Time Savings

Float’s Bill Pay offers customizable approval workflows beyond what many tools provide. Unlike other tools, Float fully supports his spending policies vs. needing to modify his policies due to constraints from their financial systems. As Thomas noted, unlike Plooto’s limited approval by amount, Float’s flexible approval options align more closely with his organization’s needs. It also simplifies accounting by letting users categorize bills directly to balance sheet accounts, avoiding the hassle of clearing accounts.

Get Answers to All Your Bill Pay Questions

Float understands that each organization’s billing needs are unique. From integration with accounting systems to approval permissions and securely storing vendor details, we cover it all. Our webinar addresses frequent questions on everything from limits on payment amounts and tax handling to specifics like wire fees, payment notes, and syncing with QuickBooks and Xero. Watch the webinar recording or explore our FAQ section to find the answers that will help you maximize Bill Pay’s potential for your team.

Missed the webinar? Watch the full session here and discover how Float’s Bill Pay can help your team save time, streamline workflows, and gain total control over corporate spending.

Whether you’re a startup, small business, or established firm, cash flow is the lifeblood of your business. Optimizing money in and out of the company to keep cash on hand for key expenses is often top of mind for business leaders and finance teams.

That’s why we introduced Fast Funding – 1-business-day transfers when moving money to Float.

In Canada, where bank transfers typically take a minimum of three business days to reach their destination, Fast Transfers go beyond the status quo to bring customers reliable access to the funds they need to spend for their companies. Transfers to Float are fast-tracked to quickly access available funds, so your team doesn’t have to worry about interruptions to spend.

How it Works ⚙️

1. Connect your bank account(s)

The first step to becoming eligible for Fast Transfers is connecting to your bank(s) in Float’s Banking Hub. Once connected, customers will automatically be reviewed on the basis of each account type (CAD or USD) to see if they qualify for accelerated transfers to Float. If eligible, you’ll be notified by email and in-app to swiftly transition to Fast Funding.

2. Fund Your Float Account

Once you qualify for Fast Transfers, all of your transfers will be eligible for a one business day transfer time. Once you initiate a transfer we’ll confirm if the transfer qualified for an accelerated payout and when the estimated arrival date is.

3. Stay Eligible

Float uses your secure banking connection to assess your good standing for Fast Transfers. This connection refreshes monthly. To stay eligible for accelerated transfers, simply keep your bank connection up-to-date and respond to any prompts to refresh your connection in the Banking Hub.

Earn 4% on Your Transfers

When you transfer funds to your Float account you earn 4% interest on your cash balance (from the first dollar). That’s better-than-bank rates with no lockups or penalties to withdraw your funds. That means you can choose to spend your earnings on your Float cards or withdraw your funds at any time if you need to.
Curious to know how much your business could earn with Float’s high-interest yield accounts? Use our Earnings Calculator to estimate your annual savings.

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Put Float into Action 🎬

For a quick demo on all things Fund Management in Float, you can watch this video from our Product team.

If you’re an existing customer who hasn’t used Fast Funding yet, head over to your Banking Hub and connect to your bank account(s) to see if you’re eligible. Not a customer yet and want to learn more about Fast Funding or earning a 4% return with Float Yield? Our sales team is happy to chat. Book a demo or get started directly today.

Float’s financial platform is trusted by thousands of Canadian companies to save their teams time and money each month. 

From smart corporate cards with custom limits and controls to easy-to-use employee reimbursements, Float’s all-in-one approach to modern financial management benefits companies across industries and teams of all sizes. 

But while our customers’ average savings are the same (7%), their business needs are not.

We know that as our customers scale, their need for controls, custom automations, dedicated support, and financial flexibility have often grown alongside their operations. That’s why we’ve created simple and transparent plans on Float, built for Canadian teams of every size so you’re never paying for more than you need. 

Below is a breakdown of the features in Float’s three plans, so you can choose the one that works best for your stage of growth (or figure out when it’s time to upgrade). 

But first…

What is Float?

While Float offers corporate cards and reimbursements, we’re neither a bank or basic expense management software! 

If you’re with a Big 5, you likely know that banks tend to charge high annual card fees and have limited software – meaning manual expense reports and lengthy card reconciliations. While point solutions like expense software can help automate some pieces of the puzzle, they can be difficult to implement, have expensive per user costs, and still create delays in receipt collection and financial reporting. 

That’s where Float comes in. With unlimited virtual cards powered by custom limits and controls, finance teams can proactively enable team spending while getting real-time reporting and automated receipt collection. Paired with easy-to-use employee reimbursements, you can control your company spending in one platform and eliminate tedious administrative tasks.

No annual card fees and no steep per user costs. Float’s monthly plans scale from free to contract-based with optional integration add-ons, so you can choose a plan that best suits your business needs. 

The Essential Plan

Best For: Small teams looking to streamline payments, receipt collection and accounting reconciliation. 

In a Nutshell

Float’s Essential Plan is free to use, offering small Canadian teams a simple way to manage company spend. The team can issue unlimited virtual corporate cards to the company’s spenders through single-level approvals, while streamlining receipt collection. Accounting is made simple either with seamless syncs to QuickBooks Online or Xero, or through Custom Exports. Get started for free.

Plan Highlights

• 20 physical corporate cards
• Unlimited virtual corporate cards
• Automated receipt collection and matching
• Expense management with custom card limits, workflows, and mobile app
• Employee reimbursements
• Real-time reporting and savings insights
• Accounting sync with QuickBooks Online, Xero, or Custom Exports
• HRIS integrations
• Fast (and friendly) Support and leading rates and rewards

When to Upgrade

The team grows beyond 20 spenders and needs more complex approval and expense policies, as well as stricter card compliance. 

The Professional Plan

Best For: Growing teams looking to use custom approval workflows and spend controls to manage spend across the company (all while saving time). 

In a Nutshell

Float’s Professional Plan offers a fully integrated spend management solution for growing Canadian teams. You get everything in the Essential Plan (and more). Issue unlimited physical and virtual corporate cards to the team with custom multi-level approval workflows and smart card controls to prevent unwanted spend. Custom Submission Policies and Accounting Automations work together to code transactions for you and streamline the close process. The Professional Plan is $10 CAD per user a month (with a $100 minimum). Start your free 90-day trial today. 

Plan Highlights – Everything in Essential, plus:

• Unlimited physical and virtual cards
• Team management
• Multi-level spend requests and approvals
• Advanced accounting with NetSuite
• Card compliance rules for cardholders
• Priority live chat Support
• Transaction review
• Pre-Funded one day transfers and Charge Card eligibility
• MFA and SAML SSO 

When to Upgrade

The team grows beyond around 50 spenders and now has more complex user management and security needs. 

The Enterprise Plan

Best For: Teams who have scaled, seeking a full suite of spend management features and financial flexibility. 

In a Nutshell

Float’s Enterprise Plan is the best option for Canadian teams who have scaled. Along with Float’s smart card corporate cards, accounting automations and customized spend management features, you’ll get white glove support with Float’s Implementation Team to migrate to Float with ease. As a larger business, you’ll also be assessed for faster underwriting, higher limits, and greater access to credit. To get our Enterprise Plan book a demo with our Sales Team. 

Plan Highlights – Everything in Professional, plus:

• Custom implementation
• Premium support and access to new features
• Dedicated Customer Success Manager
• Advanced security and SOC letters
• Multi-entity support
• Eligibility for Custom Charge Card Services terms with a dedicated underwriting team

Calculate your Potential Savings

No matter the plan, you’ll save through financial rewards, time savings, and efficiencies by eliminating unwanted spend. Calculate your ROI by moving to Float at the link below where we provide you with real customer-reported savings benchmarks compared against your existing solution.

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Ready to Get Started?

Customers reported an average savings of 6.8% on their total spend with Float – and that’s just the beginning.*  To get Float for your team you can start for free on the Essential Plan, start a 30-day free trial of the Professional Plan, or contact sales to book a demo and learn more. Visit floatfinancial.com/pricing. 

*Based on a user survey. 

In 2023 we launched our new Accounting Hub for customers – a central spot to streamline their month-end process within Float. We introduced Transaction Exports to give finance teams easy-to-use workflows to export their transactions to their accounting software at scale. And we’ve seen the results! In our recent survey Float customers have reported closing their transactions and reimbursements up to 8x faster at month-end. 

To keep the momentum going, we’re bringing a new Accounting Workboard to the hub – a dynamic view of your transaction review process with intelligent and personalized tips to help you close faster. 

Float’s Accounting Workboard is where accountants and controllers can go to track their progress closing the books and spot unusual transactions quickly. With personalized insights, Float helps you save on time and unwanted spend each month as you gear up to transfer transactions to your accounting software. Read on to learn what’s new in Float’s Accounting Workboard.

✅ Track Transaction Export Progress

Your progress bar at the top of your Accounting Workboard visually shows you how many of your transactions for a given close period still need to be confirmed, are ready to be exported, or have been exported to your accounting software. In a simple click you can dive into a list of each transaction group.

You can also click to see a list of non-compliant transactions (ie. transactions that aren’t compliant to your company’s unique Submission Policies). This is especially helpful as you gear up to export in bulk at month-end!

🖱️ One-Click Compliance Filtering

We’ve also made it simple and quick to filter your non-compliant transactions. With a single click you are able to access lists of transactions that are:

• Missing receipts
• Missing a GL code
• Missing a tax code 

Sometimes things slip through the cracks and employees need an extra nudge to upload their receipts before you finish your transaction export. After clicking your list of transactions missing receipts, you can filter further by Spender or Manager. You can then select all the non-compliant transactions belonging to an individual employee or perhaps a team, click ‘Copy transaction links’ and send it to them or their manager with a direct link for them to action on! If all looks well (eg. small coffee purchases that don’t need a receipt), you can also mark transactions as compliant, so they’re ready to export.

Finally, you can also quickly access a list of transactions that may have failed to export previously to ensure every transaction makes it to your accounting software reliably.

🚩 Flagged Transactions

At Float we’ve built our platform with secure spending in mind. With existing features like Reporting & Insights, we’ve heard from 74% of respondents that they were saving unwanted spend with Float in our recent customer survey. Flagged transactions are a new added layer to protecting your spend. 

Your new Accounting Workbaord will surface flagged transactions you may want to take a second look at, as you close the books. First, you can set custom settings to track larger than expected transactions. In a click you can see all purchases made over a custom limit set by your team, to stay aware of potential unwanted spend. 

We’ll also flag irregularities amongst your merchants and GL codes. Using automated insights,, Float will show you transactions that are uncommonly larger or smaller than the rest of transactions with that GL code. For example, based on your company’s spend patterns, a $2000 transaction for Travel Parking may seem odd and get flagged. Transactions tagged with an unexpected GL code (ie. spend with a merchant historically associated with a different GL code) will also be flagged for quick review.

Lastly, we’ll also give you a list of transactions where the tax percentage paid is not matched to a typical Canadian provincial tax rate. This helps you make sure you haven’t over-reported (or under-reported) taxes. 

💳 Merchants without Rules

We launched Transaction Rules to the Float platform to make categorizing spend that much easier. For transactions made with a given merchant, you can automatically attach an Accounting Vendor, GL code, tax code, or tag, so the transaction is export-ready without manual entry on your part or the spender’s part. 

For example, if employees in your organization book travel frequently, you can automate Air Canada transactions to always be coded to your travel GL.

We’ll flag the top 5 merchants your company spent on in a given period, currently without a Merchant Rule, so you can quickly set up new rules and save more time at the next month-end!

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Take it For a Spin

If you’re an existing Float customer simply log in and head over to your Accounting Workboard to start using your personalized insights. Not yet a Float customer? You can book a demo to learn about our suite of Accounting features and smart corporate cards. 

At Float we know finance teams are constantly seeking new ways to streamline processes, enhance accuracy, and achieve greater efficiencies. That’s why we’ve created the Accounting Hub – a dedicated space for the controllers and accountants on your team to review, automate, and export all company transactions quickly and seamlessly. 

Float’s one-stop solution is designed to simplify export workflows and help you to regain control over your company’s spend data. In fact, in our recent poll Float customers reported closing their books up to 9x faster with Float and 2.5x faster on average. 

Below we’ll introduce you to game-changing features and tips in Float to help you find speed and accuracy as you close the books each month-end.

Review 👀

The power of Float’s Accounting Hub starts with its ability to filter and review transactions by specific time periods with ease. You can quickly identify discrepancies and ensure transaction data is compliant and accurate before syncing to your accounting software.

Easily Find Non-Compliant Transactions

As you prepare to close the books at month-end you can filter transactions by the designated month and then further by Compliance Status. Get a list of transactions that aren’t compliant with your company’s Submission policies and identify which team members to follow-up with.

You can also filter out non-compliant transactions from your exports, ensuring only those properly coded and with receipts attached move on to your accounting software.

💡Pro-tip: When you message a spender about a transaction missing information, you can send them a Transaction Link to bring them right to the transaction in question. This eliminates any more confusion or unnecessary back and forth.

Split Transactions

As you review transactions, you may encounter one that needs to be allocated across different line items (like software invoices shared by multiple departmental budgets). You can select any transaction in your Accounting Hub, click ‘split transaction’ and enter the amounts you would like to enter as their own line items. Then assign the appropriate GL code, tax code, description or tag to finish split the transaction.

Update Transactions in Bulk

There’s no need to waste time updating transactions one at a time. You can filter and select transactions in bulk and assign the group the same vendor, team, GL code, or Tax code in a few simple clicks for a faster month-end.

Automate 🚀

With Account Hub, you can also put accounting processes on autopilot. This reduces those time consuming, routine tasks and the risk of human error, while freeing up time for more strategic work. By issuing smart corporate cards to automating expense categorization, Float ensures transactions are coded accurately while cutting down manual work and saving you time.

Pre-Code your Float Cards

As you prepare to close the books at month-end you can filter transactions by the designated month and then further by Compliance Status. Get a list of transactions that aren’t compliant with your company’s Submission policies and identify which team members to follow-up with.

You can also filter out non-compliant transactions from your exports, ensuring only those properly coded and with receipts attached move on to your accounting software.

Set Up Transaction Rules

Float can also help you automatically categorize your transactions based on merchant names. By clicking on ‘Manage Transaction Rules’ in your Accounting Hub you can set up a custom rule that codes a corresponding Accounting Vendor, GL Code, Tax Code, or Tag to specific Merchants saving you and your team tons of time.

Export 🔄

Effortless exports is the heart of Float’s Accounting Hub – built to support scale with the ability to quickly sync export-ready transactions to your accounting software in bulk.

Smart Accounting Syncs

If you use one of our supported integrations ( Oracle NetSuite, QuickBooks Online, and Xero), our smart two-way Accounting Sync means your Chart of Accounts gets mapped in Float so reconciliation is a breeze. By navigating to your ‘Ready to Export’ page you can quickly sync all compliant transactions for your close period directly to your accounting software in one click.

Custom CSV Exports

It’s still very simple to export transactions to alternative accounting softwares like Sage or Microsoft Dynamics. You can build your own custom export templates in Float, formatted to match your specific accounting software. You can download your export-ready transactions at month-end as a CSV and upload them to your accounting software without any additional manual tweaks.

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Put Float into Action 🎬

Float’s Accounting Hub aims to help finance professionals eliminate tedious reconciliations and have more efficient month-ends. Bringing automation to transaction reviews and exports has already saved Float customers valuable time and money each month-end – and we’re just getting started. 
For a quick demo on the new Accounting Hub with Lauren from our Product team you can watch this video.

If you’re an existing customer head over to your Accounting Hub to try out the tips and tricks above. You can always click on the ‘Take the Tour’ button in your top menu for a refresher on your new hub. Not a customer yet and want to learn more about how Float’s Accounting Automations can power your team? Our sales team is happy to chat. Book a demo or get started directly today.

The much-anticipated Float mobile app is here! 

Float cardholders can now easily manage their individual spending on-the-go, from card requests to receipt capture to reimbursements. Managers and Administrators can also manage company and team spend from anywhere, with timely push notifications on business spend and simple approvals in-app.

Let’s dive into what makes Float’s new app so game changing for business spending in Canada. (Already a Float customer? Be sure to download the app here).

Seamless Requests and Approvals

Spenders can now request new spend for business payments in just a few taps right from their phone – especially useful for those impromptu purchases that pop up when you’re on-the-go and away from a desktop. You’ll be able to:

• Request a net new Float corporate card (this is a great option to segment spend for a new vendor or a one-time purchase
• Request a card limit increase for a purchase on an existing Float card (either recurring or temporary)
• Submit expenses for reimbursements as soon as you spend for speedier repayments 

When Spenders submit new requests on the app they’ll be prompted to select a Submission Policy as usual, so they’re spending within the guardrails of your company’s unique expense policies.

💡Pro-tip: Be sure to turn push notifications on to stay in the know! Managers get notified right away via push notification to quickly approve new requests. Once approved, the Spender is also notified immediately via push and brought back to the app to access their new card details.

Simplified Business Spending

We wanted to give Spenders easy visibility into their individual spending, while enjoying a frictionless experience making business purchases. On the new mobile app you can see all of your spend in one simple view and access card details simply to make business payments wherever you are.

• No more wondering what you have left to spend across your Float cards. Quickly view your physical and virtual card limits (for CAD and USD spend)
• Access your card details securely from your phone to pay vendors online
• Add your card details to your phone’s mobile wallet to conveniently tap to pay

We’ll send Spenders push notifications whenever a transaction goes through on one of their Float cards, so they are always aware of their spend (and can upload receipts and expense details as soon as a purchase is made).

Hassle-free Compliance

Your company’s expense policies don’t need to be a mystery to Spenders. With policies implemented directly on Float Cards, they can easily make purchases for the business within your guidelines. 

With card controls like custom limits and merchant controls, Float automates the expense process, meaning no more receipt chasing at month-end. Spenders can tap into their Float Card details within the app, and view the Submission Policies and Approved Categories applied to their card spending by the Finance team to make informed spending decisions on behalf of the company. 

• Spenders get prompted to add receipts, tags, and codes from their phone as soon as they spend to stay compliant
• Spenders can snap a photo of a receipt with their phone’s camera or upload a photo from their camera roll (before those receipts go missing)
• Spenders can easily view all non-compliant transactions that they need to take action on

Spenders get reminded via push to upload receipts along with any other information your company’s Submission Policy requires (like vendor, GL codes, or purchase descriptions) to make closing the books easier for the Finance Team.

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Smart spend management that fits in your pocket

If you haven’t rolled out the new mobile app to your team yet, don’t wait. The app is available to download for free on the App Store and on Google Play. We’ve created this one-pager for your Spenders to help get them set up on the app. Not yet a Float customer? Book a demo or sign up today to start simplifying spending for your team.

Year-end is fast approaching and here at Float we’re continuing to roll out features to help you manage company spend efficiently. From new security measures to ensuring your heard-earned money works even harder for you, November saw exciting additions to spend management with Float. Read on to learn what’s new in the platform.

Float’s New Notifications Centre 🔔

With so much on-the-go for the Finance Team, staying in the loop is a necessity for managing company spend. We’ve been listening to your feedback and we’re thrilled to introduce enhancements that puts the reins of your company’s spend management notifications firmly in your hands. You’ll now have greater autonomy and choice over which notifications you receive (and who at the company receives them). Whether it’s account updates, approval requests, or daily receipt reminders, you can now cherry-pick the notifications that truly matter to your business. We’ve also introduced some new notifications to help you better stay on top of your Spending Power in Float:

• Choose to keep all Admins in the loop, so your team doesn’t lose visibility if a Primary Admin is out of office
• Get notified about Spenders’ card declines, so you can ensure critical business payments go through on time
• Set custom thresholds and be alerted when Spending Power falls too low, so you always have enough cash on hand to pay vendors

Check out your updated Notifications Centre today and easily manage your notifications, so they best match your company’s workflows.

Now Earning 4%

As of December 1^st, we’re making your dollars work even harder for you. Float customers are now earning 4% interest on their CAD and USD cash balances. The best part? There’s no need to lift a finger – your existing Float Accounts for your pre-funded cards automatically kick into earnings mode. Similar to cashback* your well-deserved rewards will be paid out like clockwork on the first of each month. Keep an eye on your inbox for a special rewards email on January 1^st and in the meantime feel free to log in to your Banking Hub anytime to see your company’s earnings to-date.

Putting Security First: Float is Now PCI-DSS Certified

At Float we believe that your financial security comes first. Following our recent SOC 2 Certification, we’re proud to announce another significant milestone – Float is now officially PCI-DSS Certified. What does that mean for you? In simple terms, it signifies that Float adheres to the highest standards of security in the storage, processing, and transmission of cardholder data. We stand tall as one of the few Canadian financial technology companies with both SOC 2 and PCI-DSS certificates, highlighting our commitment to your security every step of the way. We hope you choose Float not just for a faster month-end, but for the peace of mind that your financial data is in safe hands.

A Faster November Month-End

The updates to your financial management journey don’t stop at new notifications and earnings. We’ve also continued to simplify your accounting processes for a faster month-end. We hope with these latest enhancements, closing November’s books have never been smoother:

• Spenders can now add receipts to transactions at any time
• Additional Docs are easily viewable and updatable
• Re-exporting transactions to QBO or Xero at month-end? No more duplicates – the original transaction gets updated seamlessly 

Spend less time on administrative tasks and more on what truly matters. A final reminder that your old Ready to Export page is going away December 15^th. If you haven’t used the new Transactions Export page in your Accounting Hub yet, this is your sign to try it out!

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Until Next Time 👋

As we approach year-end, precision, control and efficiency become bigger themes for Finance teams. At Float, we’re excited to continue to unveil new updates that are redefining spend management. Whether it’s with our new accounting automations or flexible spend notifications, we want to alleviate the stresses your team encounters in their day-to-day. If you’re not a Float customer (yet) signing up is simple. Get started for free or book a demo to connect with our sales team. Happy managing, finance professionals!

At Float, we’re committed to protecting the personal and financial data of our customers. Following our recent SOC 2 Type 2 Certification, we are proud to announce that Float is officially PCI-DSS (Payment Card Industry Data Security Standards) certified.

Being PCI-DSS certified means that Float abides by the highest standard of security in the storage, processing, and transmission of cardholder data. While we’ve always been PCI-DSS compliant, our new PCI-DSS certification gives customers an extra layer of validation for the fact that Float protects sensitive data at every level — from employee onboarding to payment processing. 

We worked with a Qualified Security Assessor (QSA), an approved external auditor, to confirm that we comply with the requirements under PCI-DSS and receive our PCI-DSS SAQ D Report & Attestation of Compliance (AOC). 

Float is one of the few Canadian financial technology companies with both certifications, demonstrating our team’s commitment to security at every step of the way (and just another reason to choose Float).

What is PCI-DSS?

For as long as there have been virtual payment systems, there’s been the risk of fraud and data breaches. PCI-DSS was established in 2006 to serve as an international baseline of data security for companies that accept or process payment cards. 

PCI-DSS is the highest level of security standard available to providers like Float. As one of the first Canadian financial technology companies to become PCI DSS certified, Float is leading the charge toward global-standard data security in the corporate cards and spend management space. 

Why PCI-DSS certification matters

Enhanced data security: Our PCI-DSS certification signifies that we have implemented robust security measures to protect payment card information and sensitive authentication data.

Increased trust: Our customers can have more confidence in the security of their transactions, knowing that their financial and personal information is handled with utmost care, per industry best practices.

Industry recognition: Achieving PCI-DSS certification places Float among a select group of organizations around the globe that are recognized for their commitment to data security and compliance.

Leading the way for holistic security

Float is now one of the few financial technology organizations in Canada with both SOC 2 and PCI-DSS certifications, demonstrating our commitment to providing a secure and reliable platform for the businesses we serve. But Float’s commitment to security goes beyond certifications and compliance—we’re working to ensure holistic security when it comes to company spending. 

Over the past few months, Float has released new features to ensure Canadian finance teams have ultimate visibility and proactive control over how, when, and why money is spent across the company:

• MFA and SAML SSO
  • Float offers both Multi-Factor Authentication and SAML Single Sign-on for customers to ensure only authorized users have access to Float accounts
• Float Cards 2.0
  • Issue cards to employees worry-free with new $0 card balances and the ability to create or approve Recurring and Temporary limits
• Merchant Controls
  • Proactively manage spending by limiting card transactions to specific merchant categories
• Reporting
  • Get real-time visibility into company spending with Float’s Reporting feature that allows teams to spot anomalies before it’s too late

Security is an ongoing focus at Float. Stay tuned to see how we’re ensuring that businesses across Canada can confidently rely on Float for their corporate card spend.

Not yet a Float customer? Book a demo with our team here and we can show you how Float can help you control your company’s spending more simply and securely. 

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.

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 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.