Airwallex, a global payments and financial platform for modern businesses, announced a partnership with Float, one of Canada’s 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.”
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 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.”
Ravi Adusumilli, Executive General Manager, Americas, Airwallex, said:
“Canadian consumers, SMBs, enterprises, and the economy at large stand to benefit from more integrated financial services. 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.”
Rob Khazzam, CEO and Co-Founder of Float, said:
“In 2021, we embarked on a mission to modernize business finance in Canada. 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.”