Debuting Canada's Initial High-Yield Offering: Float Assists Canadian SMBs in Tackling Inflation Hurdles

16 Nov, 2023

Debuting Canada's Initial High-Yield Offering: Float Assists Canadian SMBs in Tackling Inflation Hurdles

Float, a rapidly expanding fintech in Canada, has unveiled Float Yield, its latest high-yield product tailored for Canadian SMBs. Float Yield promises businesses up to 2.7 times higher interest rates on their cash reserves compared to conventional banks. This offering extends across both CAD and USD funds, amplifying opportunities for savings.

As Canada's pioneering fintech to offer these competitive rates right from the first dollar, in dual currencies, to numerous Canadian SMBs, Float provides exceptional value amid economic challenges. A typical SMB with a $250,000 cash balance using Float Yield stands to potentially earn up to $10,000 annually.

With inflation persistently high, approximately one in six Canadian SMEs grapple with financial strains. Many face added pressure as banks reduce credit lines and add constraints to small business accounts.

CEO Rob Khazzam views Float Yield as a reflection of Float's commitment to simplifying corporate finances for Canadian SMEs. Khazzam emphasized, "Float Yield marks our progress in providing new financial avenues for Canadian businesses. By offering competitive interest rates minus traditional financial institutions' red tape and fees, Float empowers businesses to manage expenses while earning significant returns on their cash."

For Khazzam, the introduction of Float Yield signifies a strategic step towards Float's vision of crafting a modern financial platform to bolster Canadian companies and teams.

Currently catering to thousands of Canadian SMBs through its business finance platform, Float facilitates over 200,000 monthly transactions. Its clientele ranges from startups to established industry players, cementing its role in the Canadian business landscape.