Airwallex, a leading global payments and finance platform for modern businesses, today announced a partnership with Float, one of Canada’s fastest-growing B2B fintechs, to enable fast and affordable invoice payments for domestic and international transactions.
Float’s Bill Pay product, powered by Airwallex, introduces payouts – including wire transfers, EFT, wire transfer and ACH – as part of Float’s unified business financing platform for Canadian businesses.
Nearly 100,000 small and medium-sized Canadian businesses regularly conduct business outside the country and rely on efficient local and international payment processes. The Bill Pay offering, unique in Canada, helps Float customers eliminate manual accounts payable processes by increasing visibility and control over their company’s largest expense – invoices – through automated invoice capture, payment and reconciliation, while minimizing costly foreign exchange fees.
“Canadian consumers, SMBs, businesses and the economy as a whole will benefit from more integrated financial services,” said Ravi Adusumilli, executive general manager, Americas, Airwallex. “We are proud to work with a cutting-edge partner in Float, enabling companies to operate more easily and efficiently both within and outside of Canada.”
“In 2021, our goal is to modernize corporate finance in Canada,” said Rob Khazzam, CEO and co-founder of Float. “Our partnership with Airwallex has helped us bring this vision to life more quickly and efficiently. By leveraging Airwallex’s global financial infrastructure, we can provide our customers with a seamless and affordable bill payment experience – allowing them to scale, unlock their potential and grow our economy.”
Embedded finance opens opportunities for fintechs and SME customers Float benefits from the increasing demand from SMEs for integrated financial tools that meet multiple needs. A recent Airwallex survey found that more than 80 percent of SMBs around the world want comprehensive software offerings and would prefer to move away from traditional banks for their payment needs. 76 percent say they would be willing to pay more for complete solutions that can be purchased from a single provider. For platforms like Float, which have already established strong relationships with SMEs, there is an immediate competitive advantage over banks offering the same services.