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Airwallex, Float to deliver bill payments to Canadian businesses

Friday, July 26, 2024 — 13:05:30 (EDT)

Airwallex Partners With Float to Deliver Fast, Cost-Effective Bill Payments to Canadian Businesses Float’s new Airwallex-powered Bill Pay product expands its leading end-to-end payment solution for Canadian businesses

Embedding Airwallex’s global financial infrastructure helped Float bring the product to market faster and with efficient integration effort

July 25, 2024 09:00 AM Eastern Daylight Time

TORONTO--(BUSINESS WIRE)--Airwallex, a leading global payments and financial platform for modern businesses, today announced a partnership with Float, one of Canada’s fastest-growing B2B fintechs, to enable fast and cost-effective bill payments for both 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 unified business finance platform for Canadian companies.

“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.” Post this

Nearly 100,000 small and medium-sized Canadian businesses regularly conduct business outside the country and rely on efficient local and international payment processes to do so. The first-of-its-kind Bill Pay offering in Canada helps Float customers eliminate manual AP processes by increasing visibility and control over their company's largest expenses - 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 opportunity for fintechs and SMB customers Float is capitalizing on surging SMB demand for integrated financial tools that serve multiple needs. A recent Airwallex survey found that more than 80 percent of SMBs around the world desire comprehensive software offerings, and would look to switch away from traditional banks for their payment needs. 76 percent report that they would be willing to pay more for one-stop solutions that can be accessed through a single vendor. For platforms like Float that have already built strong relationships with SMBs, there is an immediate competitive advantage over banks that offer the same services.

Learn more about Airwallex here.

Learn more about Float here.

NOTES TO MEDIA

About Airwallex

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit www.airwallex.com.

About Float

Float's mission is to simplify finance for Canadian companies and teams. Its flagship business finance platform pairs smart corporate cards with intelligent spend management software, reimbursements and bill pay, giving Canadian companies the ability to manage all non-payroll spending in one platform. Float serves thousands of Canadian businesses from SMBs to household name brands. To learn more visit www.floatfinancial.com.

Contacts

For further information

If you have any questions or would like to request further information, please contact press@airwallex.com.

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Source: Company press release.