Finovate Global Canada: Mitigating Currency Volatility, Earning Banking Licenses, and More!

This week’s edition of Finovate Global looks at recent fintech developments in Canada.

Float Unveils Float FX to Help Canadian Businesses Save on Currency Conversion Costs

Toronto, Ontario-based business finance platform Float unveiled a new solution for Canadian businesses this week. The new offering, Float FX, will enable Canadian companies to instantly convert funds at rates as much as 90% lower than with traditional banks. Float noted that the solution is part of the company’s broader goal to help support businesses that do business in the US as they navigate volatility in both currency markets and US trade policy.

“With the Canadian dollar under pressure and potential trade disruptions looming, we designed Float FX to give Canadian businesses an advantage when operating across the border,” Rob Khazzam, Co-Founder and CEO of Float, said. “Combined with offering high-yield interest on CAD and USD balances, Float provides material opportunities for companies to save on costs and protect margins—at a time when every dollar counts.”

Even before recent trade tensions with the US, businesses in Canada were facing significant challenges when it came to currency exchange. According to a recent survey—The Financial Outlook of SMBs in 2025—Float learned that more than half of the Canadian businesses queried said that they struggled to deal with high fees and poor exchange rates. In their report, Float pointed to legacy banking infrastructure and inefficient processes as the culprit, noting that many companies continued to patronize financial institutions that required time-consuming in-person visits and manual reviews, or long settlement times. This leaves businesses with exposure to fluctuations in potentially volatile exchange rates, as well as increasing their vulnerability to hidden fees.

Float FX will offer fees of 0.25% all-in, a figure that is up to 90% lower than that offered by Canadian banks. Companies will also benefit from seamless, built-in currency conversion within the Float platform, enabling them to convert, hold, and spend USD in a single location.

With more than 4,000 Canadian companies as customers, Float offers a business finance platform that helps businesses spend, save, and scale. Founded in 2019, the company provides corporate cards, automated expense management, next-day billpay, high-yield accounts, and more.

Float began the year securing $70 million CAD in Series B financing in a round led by Growth Equity at Goldman Sachs Alternatives. OMERS Ventures, FJ Labs, Garage Capital, and Teralys also participated in the investment. The funding brought the company’s total funding to more than $120 million CAD in the past year. Float has used the capital to expand its product offerings and recruit talent.

Banco Santander, Kraken Secure Key Canadian Approvals to Fuel Expansion

Canadian regulators are in a “yes” mood of late when it comes to helping fintechs expand operations in the country. This week we learned that Banco Santander has secured a Canadian banking license as part of the financial institution’s effort to grow its footprint in the Americas. Also this week, crypto exchange Kraken reported that it had obtained a Restricted Dealer registration from the Ontario Securities Commission (OSC).

First up, Banco Santander. The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, authorized Banco Santander’s Santander Consumer Bank to begin operations in March. Banco Santander has been active in the Canadian market since acquiring car financing company Carfinco Financial Group in 2014. The firm applied for a Schedule II banking license in 2019, which allows subsidiaries of foreign banks to offer financial services including deposits, lending, wealth management, and credit cards. Santander Consumer Bank was incorporated as a federally regulated financial institution in 2024 by Canada’s Minister of Finance, with OSFI approval being the final step.

Second, cryptocurrency exchange Kraken has secured a Restricted Dealer registration in Canada that will enable the firm to better serve its customers in the country. As part of the announcement, the exchange announced that it would offer free Interac e-Transfer deposits to all of its Canadian clients.

“This achievement marks the culmination of a rigorous pre-registration undertaking (PRU) process, during which Kraken consistently enhanced its governance, security, and compliance protocols to meet the highest industry standards,” the Kraken blog stated this week. “As a result, our Canadian clients now benefit from a solid regulatory foundation, ensuring access to some of the most innovative and secure crypto products in the local ecosystem under the supervision of the Ontario Securities Commission (OSC).”

In addition to securing its restricted dealer registration, Kraken also announced the appointment of Cynthia Del Pozo as the company’s new Canadian General Manager. With nearly 15 years of experience in corporate development, operations, and fintech consulting, Del Pozo will guide an operation that has grown significantly in recent years, including surpassing $2 billion CAD in combined client assets under custody and a doubling of both team size and the number of monthly transacting users during the PRU process.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” Del Pozo said in a statement. “The Restricted Dealer registration is a testament to the high bar Kraken has always set for consumer protection, client service, and robust security.”

Founded in 2011, Kraken enables more than 10 million traders and investors to buy and sell more than 200 digital assets and six different national currencies including USD, GBP, EUR, CAD, CHF, and AUD on its platform. David Ripley and Arjun Sethi are co-CEOs.

Meet Finovate’s Newest Canadian Alums!

Over the past year, Finovate has been proud to host a handful of innovative fintechs headquartered in Canada. Below is a look at four firms, all Canada-based, that have demonstrated their fintech innovations live on the Finovate stage of late.

PromoComply – Montreal, Quebec – FEU 2025: Offers technology that automates compliance for financial promotions, reducing legal risks, and enhancing transparency for consumers in real time.

TRIYO – Toronto, Ontario – FS 2024: Offers a work intelligence platform that integrates with existing systems, processes, and workflows to bring visibility to high-value processes across financial services.

Brim Financial – Toronto, Ontario – FF2024: Works with financial institutions, fintechs, and brands to enable them to offer their customers an end-to-end credit card and payments platform.

ZayZoon – Calgary, Alberta – FF2024: Offers an embedded Earned Wage Access (EWA) solution to enable small and mid-sized businesses to offer EWA directly from their own platforms.

Next month at FinovateSpring, we’re happy to introduce our audience to one more Canadian fintech, Cinareo Solutions (Toronto). For more about our upcoming FinovateSpring conference, visit our FinovateSpring hub today!

Here is our look at fintech innovation around the world.