Airwallex has partnered with Toronto-based corporate card and expense management technology startup Float.

Airwallex officially launched its global payments services in Canada last year.

The Australian-founded, Singapore-headquartered FinTech firm Airwallex is powering Float’s new bill pay product, which was launched in June. The partnership, which Airwallex announced yesterday, marks another step in Airwallex’s efforts to grow its presence in Canada.

Airwallex, which already catered to some Canadian businesses, officially launched its global payments services in Canada in April 2023 to support local companies looking to grow abroad as well as international businesses operating in Canada.

This April, Airwallex expanded its offerings in Canada with the rollout of its borderless cards, which allow Canadian companies to transact in multiple currencies with zero transaction fees.

For its part, Float offers a business finance platform aimed at helping customers manage all of their spending in one place, from corporate card expenses to personal reimbursements and bill payments, catering largely to small- and medium-sized businesses (SMBs) left underserved by banks and legacy solutions.

Through its bill pay offering, Float aims to simplify the bill payment process and reduce the time and money that Canadian companies spend on it. According to Airwallex, the product enables fast, cost-effective bill payments for both domestic and overseas transactions, and introduces payouts, including bank transfers, EFT, wire, and ACH, to Float’s platform.

RELATED: Float launches bill payments and personal expense reimbursement products

“Canadian consumers, SMBs, enterprises, and the economy at large stand to benefit from more integrated financial services,” Airwallex executive general manager of Americas Ravi Adusumilli said in a statement. “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.”

Airwallex, which was valued at $5.5 billion USD as of 2022, aims to power cross-border business banking around the world. Airwallex founder and CEO Jack Zhang told the Australian Financial Review in January that the company is preparing to become “[initial public offering]-ready” within the next two years.

“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,” Float co-founder and CEO Rob Khazzam said in a statement.

Feature image courtesy Airwallex. Photo via Glassdoor.

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