Airwallex, a global payments and financial platform, has just partnered with Float, a Canadian B2B fintech, to enable fast and cost-effective bill payments for domestic and overseas transactions. Float's Bill Pay product, powered by Airwallex, introduces payouts – including bank transfers, EFT, wire, and ACH – as part of Float's finance platform for Canadian companies.
Nearly 100,000 small and medium-sized Canadian businesses regularly conduct business outside the country and rely on efficient local and international payment processing. The first-of-its-kind Bill Pay offering in Canada helps Float customers eliminate manual AP processes by increasing visibility and control over their most significant expense - invoices - with automated invoice collection, payment, and reconciliation, all while minimizing costly foreign exchange fees.
"Canadian consumers, SMBs, enterprises, and the economy at large stand to benefit from more integrated financial services," said Ravi Adusumilli, Executive General Manager, Americas, Airwallex. "We're proud to partner with a cutting-edge partner in Float to empower businesses to operate more easily and efficiently both inside and outside of Canada."
"In 2021, we embarked on a mission to modernize business finance in Canada," said Rob Khazzam, CEO and Co-Founder of Float. "Our partnership with Airwallex has helped us bring that vision to life more quickly and efficiently. By leveraging Airwallex's global financial infrastructure, we can deliver a seamless and affordable bill payment experience to our customers – enabling them to scale, unlock their potential, and grow our economy."
Embedded Finance Unlocks Opportunities
Float is capitalizing on surging SMB demand for integrated financial tools that serve multiple needs.
A recent Airwallex survey found that more than eighty percent of SMBs worldwide are looking to switch from traditional banks for their payment needs using comprehensive software. Seventy-six percent report they would be willing to pay more for one-stop solutions accessible through a single vendor.
Platforms like Float already have strong relationships with SMBs, representing an immediate competitive advantage over banks that offer the same services.
Airwallex is a global financial platform offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With its proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock opportunities and growth beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally, including such brands as Brex, Rippling, Navan, Qantas, SHEIN, and many others.
Float has a mission to simplify finance for Canadian companies. Its flagship business finance platform pairs smart corporate cards with intelligent spend management software, reimbursements, and bill pay, allowing Canadian companies to manage all non-payroll spending in a single platform. Float serves thousands of Canadian businesses.