Float (Canada)

Float is a Canadian-built corporate card and spend management platform designed for small and medium businesses. Founded in Toronto, Float gives businesses real-time visibility over employee spending, physical and virtual corporate Visa cards, and tools to manage budgets, approvals, and accounting reconciliation – all without the manual processes that come with traditional expense management.

This review covers what Float offers, its regulatory status and how funds are held, pricing, and who it suits best. Float is not a bank; the deposit protection section below is essential reading before you fund a Float account.

Is Float available for Canadian businesses?

Float is available exclusively to Canada-incorporated businesses. It is a Canadian product built for the Canadian market and does not currently serve US or international entities. To use Float, your business must be incorporated in Canada. Sole proprietors may face eligibility limitations depending on their business structure – Float is primarily designed for incorporated companies with employees or contractors who incur business expenses. Account setup is online and typically fast, with business verification completed digitally.

Regulatory status and deposit protection – read this first

Float is a fintech spend management platform, not a bank. It is not a deposit-taking institution and is not a member of CDIC. Funds loaded onto the Float platform are not covered by CDIC deposit insurance.

Float holds client funds at a Canadian Schedule I bank partner. This means your business funds are held in a segregated account at a regulated chartered bank on Float’s behalf, but the deposit insurance relationship is between Float (as the account holder) and the partner bank – not between your business and the bank directly. Float publishes its funds-holding structure; review it on Float’s website and confirm the current arrangements before loading significant funds.

For businesses that need full CDIC protection on operating balances, a primary account at a Schedule I bank (RBC, TD, Scotiabank, BMO, CIBC) is the appropriate choice. Float is most effectively used as the spending and expense layer on top of a primary bank account, with funds transferred in as needed for employee card spending.

Pricing and plans

All fees are approximate and subject to change. Confirm current pricing and plan details directly with Float before signing up.

Key features for small businesses

• Physical and virtual corporate Visa cards for employees and contractors
• Real-time spend visibility and transaction notifications
• Per-card and per-employee spending limits and controls
• Receipt capture via mobile app – reduces manual expense reporting
• Budget management tools by team, project, or category
• Accounting software integrations including QuickBooks, Xero, and Sage
• Approval workflows for spend requests
• CAD and USD card support
• No personal guarantee required for corporate cards (credit underwriting based on business)

Pros

• Purpose-built for Canadian businesses – Canadian entity, CAD-first
• Real-time spend visibility eliminates end-of-month expense surprises
• Strong accounting integrations reduce reconciliation time
• No personal guarantee requirement is valuable for founders
• Fast digital onboarding
• Free plan available for low-volume users
• Dedicated Canadian customer support

Cons

• Not a bank – funds are NOT CDIC insured
• Does not replace a primary business bank account
• Not available to sole proprietors in some cases
• International FX capabilities more limited than Wise
• Primarily a spend management tool – no lending, savings, or payroll features

Who should use Float?

Float is best suited to incorporated Canadian businesses with a team that incurs regular business expenses – whether that is travel, software subscriptions, supplier payments, or marketing spend. It solves a real pain point: giving founders and finance teams real-time visibility and control over who is spending what, without waiting for end-of-month expense reports. Float works best as a complement to a primary bank account (at a Big Five bank or similar), with funds transferred in to cover planned spend. It is not a primary banking solution.

Verdict

Float earns a 4.3 out of 5 for what it sets out to do. As a corporate card and spend management platform for Canadian SMBs, it is among the best available domestically. The real-time controls, strong accounting integrations, and Canadian-first design address genuine operational pain points. The key caveat is that Float is not a bank – funds are not CDIC insured, and it is not a replacement for a primary business bank account. Used in that context, Float is an excellent operational tool.

Fees, features, and fund-holding arrangements change regularly. Always confirm current details on Float’s official website before making decisions.