News Summary

Toronto-based FinTech startup Float has introduced new transactional business accounts aimed at small- and medium-sized enterprises (SMEs) to provide alternatives to Canada’s traditional banking system. These no-fee, interest-bearing accounts offer features commonly found in both chequing and savings accounts, including up to four percent interest. This initiative is part of Float’s broader strategy to simplify financial processes for Canadian businesses, many of which feel underserved by traditional banks. The new accounts integrate with Float’s existing suite of products, such as corporate cards and expense-tracking software, and come with additional benefits like insurance and electronic fund transfers. Float, founded in 2019, aims to disrupt traditional banking norms by offering more flexible and affordable solutions, backed by a $70 million CAD Series B funding round led by Goldman Sachs. The startup’s services are currently used by over 5,000 Canadian businesses.