Venn vs. Float: The All-in-One Financial Solution vs. Specialized Spend Management Solution

For Canadian business owners looking for modern financial management solutions, Venn and Float are two standout options. But how do you choose the right solution for your business? This comparison guide will help!

For one, Venn is a full-fledged financial operating system. It replaces many traditional business banking options by offering an all-in-one suite with core banking, multi-currency accounts (USD, CAD, GBP, and EUR), corporate cards, expense and payable management, global transfers, and even investment features.

Float, on the other hand, focuses on corporate cards and advanced expense management. It's designed for businesses looking to streamline spending, control employee expenses, and access flexible credit options.

Whether you're looking for a comprehensive financial hub or a specialized expense solution, this Venn vs. Float comparison guide breaks down the strengths of each platform to help you decide which best supports your business goals.

Venn vs. Float: Side-by-Side Comparison

Let’s compare Venn vs. Float at a glance. Here’s how the two solutions differ across their most important features:

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Feature: Global Accounts & Business Banking

While Float facilitates transactions in CAD and USD and integrates with external banks, it does not offer the same level of integrated multi-currency account functionality that Venn does. This means that managing actual cash balances, receiving payments, sending invoices, and initiating transfers outside of expense reimbursements typically happen through the user's own bank, which then links to Float.

Venn

Venn’s multi-currency accounts for CAD, USD, GBP, and EUR are a cornerstone of its aspiration to be a true "comprehensive financial platform" for Canadian businesses. These accounts, held by tier-1 local banks, are deeply integrated into the platform, offering a seamless experience for managing funds across currencies.  Features like no monthly fees and integrated business banking functionalities directly within the Venn platform streamline day-to-day financial operations.

Float

Float acts as your go-to for corporate cards and expense management, making it easier to track spending. While you can use Float for CAD and USD transactions, it's not a full-fledged multi-currency bank. Think of it this way: your main banking for things like receiving payments or managing cash in various currencies still happens with your regular bank. Float links up with that bank to simplify your spending and reconciliation. It's more about streamlining expenses and card usage than being a one-stop shop for all your diverse currency banking needs, which is where Venn aims to differentiate itself.

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Feature: Corporate Cards for Business Expenses

When it comes to corporate cards, both platforms offer functionalities to manage employee spending, but they differ in their approach and features.

Venn

A key unique selling proposition (USP) for Venn is its single multi-currency debit card. This card is directly tied to the integrated multi-currency accounts, enabling seamless spending in various currencies without separate FX transactions for each purchase. Venn cards offer a notable 1% cashback with no minimum spend requirements, providing a direct incentive for usage. The platform also offers real-time spending controls, customizable spend limits, and enables the instant issuance of both physical and virtual cards.

Learn more about Venn Corporate Cards.

Float

Float offers corporate charge cards that are highly regarded for their features, including customizable spending limits and easy virtual card issuance. A crucial distinction is that Float's charge cards operate by drawing funds from an external bank account linked to the platform.  Float also offers a charge card lending model, which can be attractive to certain businesses, particularly venture-backed companies, seeking credit lines based on cash flow. The ease of card issuance, virtual card capabilities, and the depth of integration within each platform's broader financial system are key comparison points. Venn's card is inherently linked to its integrated banking, creating a more unified experience, while Float's cards require external bank account management. Additionally, Float’s cashback program comes with a minimum spending clause, unlike Venn's 1% unlimited cashback with no minimum spend requirement. Moreover, Venn offers actual cashback, instead of only points.

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Feature: Expense Management Automation & Tracking

Both Venn and Float offer robust expense management features designed to automate and streamline the process of tracking, submitting, and approving employee spending.

Venn

Venn offers automated AP processing, tightly integrated within its platform. This includes features for pulling bills from accounting software, automating bill categorization, supporting global payment methods like EFT, ACH, SEPA, UK Faster Payments, and free Interac e-Transfers®. Venn also provides multi-level approval workflows, ensuring a smooth and efficient process. Additionally, Venn's 2-way sync with QuickBooks and Xero ensures seamless data transfer, reducing manual input and the potential for errors in financial record-keeping.

Discover how Venn automates expense management.

Float 

While Float excels in managing spend initiated via corporate cards and expense reporting, its direct Accounts Payable functionalities beyond employee expense reimbursement may be more limited compared to Venn's dedicated AP automation features. Businesses that need to manage a high volume of vendor payments separate from card spend may find Venn's integrated AP suite a more comprehensive solution.

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Feature: Global Transfers & FX Functionality

Venn distinguishes itself significantly in the realm of global transfers and foreign exchange (FX rates) functionality.

Venn

With its integrated multi-currency accounts, Venn offers competitive FX rates and facilitates seamless global transfers through various methods like EFT, ACH, SEPA, and UK Faster Payments. Businesses can send funds in over 30 currencies and manage balances in four key currencies (CAD, USD, GBP, EUR). This makes managing international payments and receiving funds from global clients significantly easier and more cost-effective. 

Explore Venn's Global Transfer capabilities.

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Does Venn Offer Better Foreign Exchange Rates Than Float?

Yes! Venn offers better FX rates than Float. However, the exact rates for your business will depend on your chosen plan and volume of transactions. Here’s a quick comparison: 

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Venn offers competitive foreign exchange rates, with fees as low as 0.25% on the Pro plan and up to 0.45% on the free plan. It supports multiple currencies, including CAD, USD, GBP, and EUR, and enables seamless transfers to over 200 countries. With transparent pricing and multi-currency support, Venn is a strong choice for businesses with global operations.

Float FX, on the other hand, is focused primarily on CAD/USD conversions. It charges a 0.25% FX fee for CAD/USD and a 2.5% fee on international transactions. While this is still positioned as up to 90% cheaper than traditional banks, Float does not support a wide range of currencies. However, it doesn’t require a separate USD account. Like Float, Venn also does not require a separate USD account, as multi-currency accounts are included with all Venn plans, making it equally cost-effective for businesses dealing in multiple currencies.

Float

Float's primary focus is on corporate cards and expense management, with its FX functionality centered around card transactions. While it supports CAD and USD transactions, its native capabilities for sending and receiving broader international transfers in a wide array of currencies are less extensive than Venn's. Businesses using Float for international payments may encounter varying FX fee structures or require external services for certain transfers.

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Feature: Accounts Payable for Managing Outgoing Payments

Automating Accounts Payable (AP) is crucial for efficiently managing a business's outgoing payments. Both platforms address aspects of this, though Venn positions its AP features as a strong differentiator.

Venn

Venn offers automated AP processing, tightly integrated within its platform. This includes features for pulling bills from accounting software, automating bill categorization, supporting global payment methods like EFT, ACH, SEPA, and UK Faster Payments (including free Interac e-Transfers®), and implementing multi-level approval workflows. Venn highlights its AP features as a key advantage, often contributing to positive demo outcomes and competitive wins. 

Learn more about Venn's Automated Accounts Payable.

Float

While Float excels in managing spend initiated via corporate cards and expense reporting, its direct Accounts Payable functionalities beyond employee expense reimbursement may be much limited compared to Venn's dedicated AP automation features. Businesses that need to manage a high volume of vendor payments separate from card spend may find Venn's integrated AP suite a more comprehensive solution.

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Feature: Invoicing/Accounts Receivable (AR)

Managing incoming payments through invoicing and Accounts Receivable (AR) is a core financial function for most financial management solutions. Here’s how Venn and Float compare:

Venn

Venn offers an integrated invoicing product designed to streamline the AR process. Businesses can create and send custom, multi-currency invoices directly through the platform and accept payments via credit card or bank transfer, with flexible options for those who cover processing fees. This positions Venn's invoicing as a newer, integrated aspect of its all-in-one system, simplifying the collection of receivables alongside other financial tasks. 

Discover Venn's Invoicing capabilities.

Float

Float's primary strength lies in spend management; however, its functionality for creating and managing invoices, as well as handling broader AR processes beyond facilitating payments received through their corporate card system, may be less developed. Businesses whose core need is optimizing accounts receivable management as part of an integrated financial system may find Venn's offering more aligned with their needs. This is a segment where Venn is actively enhancing its capabilities to compete in a more mature market space.

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Feature: Bank Reconciliation & Accounting Integrations

For efficient financial management, seamless integration with accounting software is essential. Both Venn and Float offer integrations with popular platforms, but the impact differs due to their core models. Both platforms integrate with major accounting software such as QuickBooks Online and Xero. This allows businesses to streamline data flow for easier reconciliation.

Venn

Because Venn consolidates business banking, corporate cards, expense management, global transfers, and AP/AR into a single platform, its accounting integrations inherently simplify data flow. The comprehensive nature of the platform enables a wider range of financial activities to be captured and directly integrated into accounting software, resulting in a more automated and efficient reconciliation process. Learn more about Venn's Accounting Automation features.

Float

Float's focus on corporate cards and expense management means its integrations are highly effective for synchronizing transaction data and expense details. However, since core banking functions may reside outside of Float, businesses may need to reconcile data from multiple sources (their bank, Float, etc.) within their accounting software, adding a layer of complexity compared to Venn's unified data source.

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Feature: Security & Regulatory Compliance

Protecting sensitive financial data and meeting regulatory requirements is critical for business banking platforms like Venn and Float. Both platforms implement key security measures such as encryption for data in transit and at rest, two-factor authentication (2FA) for added account security, and regular security audits to maintain system integrity.

Venn - Top Tier Security & Transparency

Venn, positioning itself as a fully comprehensive financial platform, operates within the regulatory framework applicable to financial service providers in Canada. As part of this, Venn is registered as a Money Services Business (MSB) with FINTRAC and adheres to the necessary compliance standards. The company’s Terms of Service Agreement and Cardholder Agreement outline relevant security, compliance, and safeguarding measures to ensure the protection of customer assets. This reflects Venn’s commitment to meeting the regulatory standards required for broader banking functions, further aligning with qualifications similar to those held by other financial institutions like Float.

Float - Adheres to Standard Regulations

In terms of regulatory compliance, Float is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration demonstrates its adherence to anti-money laundering (AML) and anti-terrorist financing regulations specific to Canadian businesses. Both platforms prioritize security and compliance, with Float's MSB registration highlighting its focus on regulatory adherence for money services. Venn, similarly registered as an MSB with FINTRAC, operates within the regulatory framework applicable to comprehensive financial services and ensures safeguarding of customer assets. Venn’s broader banking model entails compliance aligned with the necessary financial service regulations, demonstrating its commitment to the same high standards of regulatory adherence.

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Feature: Customer Support & Resources

Customer support is a critical factor in choosing a financial platform. Businesses need responsive assistance and readily available resources. Both Venn and Float offer various customer support channels.

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While both platforms strive to provide good support, checking customer reviews and testimonials can offer valuable insights into real-world support experiences.

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Pricing & Fees

Understanding the cost structure is critical when selecting a financial platform. Below is a detailed comparison showing how Float’s and Venn’s pricing models differ, showcasing the ideal option for your business needs.

Venn Pricing & Fees

Venn offers a tiered pricing model with clear and upfront fees, making it a cost-effective choice for businesses of all sizes. Key benefits include unlimited virtual cards (at no additional charge), free local transfers (EFT, ACH), and competitive international wire fees with transparent foreign exchange rates.

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Venn’s Pricing Structure:

Essentials (Free – $0/month)

• FX Fee: 0.45%
• Local Transfers (EFT/ACH): $2 each
• International Wires: $10
• Included Features:
  
  • Up to 20 virtual cards (3 physical cards)
  • Multi-currency accounts (CAD, USD, GBP, EUR) for businesses dealing with global clients or suppliers.
  • Integration with QuickBooks/Xero for seamless accounting synchronization.
  • Basic receipt automation to help categorize expenses and manage receipts more efficiently.
  • 1% cashback on card spend, up to CAD 5,000 in spend per month.
• Best For: Small businesses and startups that need essential financial tools, multi-currency support, basic invoicing, and expense management, but don't require advanced features.

Plus ($40/month)

• FX Fee: 0.35%
• Local Transfers: Free
• International Wires: $8
• Included Features:
  
  • All Essentials features.
  • Expanded card volume: 50 virtual cards and 10 physical cards to accommodate more employees and teams.
  • Custom roles/permissions for managing access control across teams.
  • 10 sub-accounts to help organize finances by department, project, or region.
  • Automated accounting rules to streamline expense categorization and accounting processes.
  • Receipt capture to automate the capture and categorization of receipts for easier tracking.
  • 1% cashback on card spend, up to CAD 25,000 in spend per month.
• Best For: Growing businesses that need enhanced card volume, advanced expense management, automated accounting, and receipt capture. This plan is ideal for businesses seeking to scale and enhance their financial workflows.

Pro ($100/month)

• FX Fee: 0.25%
• Local Transfers: Free
• International Wires: $6
• Included Features:
  
  • All Plus features.
  • Unlimited virtual and physical cards to accommodate growing teams with more flexible spending controls.
  • Unlimited sub-accounts to allow for granular financial tracking across different teams or projects.
  • Multi-step approval workflows for enhanced expense control and spending compliance within the organization.
  • Instant payment clearing to process payments faster and improve cash flow management.
  • Priority support for quicker issue resolution and dedicated service.
  • A dedicated account manager to help optimize the usage of the platform and provide personalized support.
  • Unlimited cashback on all card spend, providing maximum rewards on every purchase.
• Best For: Larger businesses or enterprises that require premium features, including unlimited cards, advanced financial workflows, and priority support. Ideal for businesses handling significant international transactions or needing complex financial management tools.

Venn's pricing is highly transparent, with no hidden fees or additional charges for setup, and it offers competitive FX rates for both small businesses and large enterprises.

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Float Pricing & Fees

Float also follows a tiered pricing model with a free plan and higher-tier plans offering more robust features. However, Float's pricing lacks the transparency seen with Venn, especially with FX markups that can vary based on the plan.

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Float offers valuable features for businesses operating with USD, but its pricing and FX markups can make it less predictable, particularly for businesses that require more currency flexibility or transparency in their costs.

Who Offers Better ROI: Venn or Float?

Venn offers better overall ROI for businesses that operate internationally or deal in multiple currencies, thanks to its low FX fees (as low as 0.25%) and lack of foreign transaction surcharges, unlike Float, which charges a 2.5% fee on non-CAD/USD card transactions. 

While both platforms offer 1% cashback, Float requires a minimum spend of $25k/month. However, Venn’s support for multi-currency accounts, global transfers to over 200 countries, and flat monthly pricing make it a more cost-effective and scalable solution for companies with global financial needs.

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Venn: Strengths & Considerations

Here's a look at the strengths and weaknesses of the Venn platform:

Pros:

• True All-in-One Banking Platform: Acts as a comprehensive "financial platformt," consolidating multiple financial functions into a single platform.
• Integrated Multi-Currency Accounts: Seamless management of funds and spending across CAD, USD, GBP, and EUR, a significant USP for global businesses.
• Customizable Corporate Cards and Expense Management: Offers cards with customizable approvals and spending limits, allowing businesses to efficiently manage expenses.
• Cashback with No Minimum Requirements: Cashback on card transactions with no minimum spend requirements, additional value for businesses seeking maximum financial benefits.
• Robust Expense Management: Streamlined process with automated features, built-in controls, and the ability to track and approve employee expenses.
• Strong Automated Accounts Payable: Offers comprehensive features for managing and paying bills, a key differentiator.
• Quickbooks and Xero Integrations: Seamlessly connects with leading accounting software like QuickBooks Online (QBO) and Xero to streamline financial reporting and reconciliation.
• Excellent Global Transfers & FX Functionality: Competitive FX rates and support for a wide range of currencies and payment methods.
• Transparent Pricing: Aims for clarity with often no monthly fees on base plans and visible FX rates.
• Potential for Unified Financial Management: Reduces complexity and administrative overhead by consolidating tools.
• Invoicing and Credit Card Payments: Invoicing capabilities with credit card payment acceptance, offering additional flexibility for businesses managing their finances.

Cons:

• While continuously evolving, as a newer player in the broader financial services space compared to long-established accounting software providers, some businesses may initially seek familiarity or perceive certain features as less mature; however, this is rapidly changing with ongoing development and funding support (see Venn's Series A Announcement).

Float: Strengths & Considerations

Here’s a quick overview of Float’s strengths and other considerations.

Pros:

• Strong Corporate Charge Card Features: Offers robust cards with customizable limits and virtual issuance capabilities.
• Offers Charge Card Lending: Provides a credit facility based on business cash flow, suitable for some venture-backed companies.
• Robust Expense Management: A feature-rich solution for tracking, reporting, and approving employee expenses.
• Good Accounting Integrations: Connects effectively with major accounting software for expense data synchronization.

Cons:

• Requires Separate External Bank Account: Not an all-in-one financial hub; core business banking functions must be managed elsewhere.
• Not a Comprehensive Financial Operating System: Primarily focused on spend management and corporate cards, lacking integrated multi-currency accounts and broader banking services offered by Venn.
• Primary Focus on Corporate Cards/Expenses: While strong in its niche, it offers a less comprehensive suite of financial tools compared to Venn.
• Longer Approval Times: Float's approval process can be slower, potentially delaying transaction approvals and impacting efficiency.
• Minimum Spend Required for Cashback: Float offers cashback rewards on eligible corporate card purchases, but there is a minimum spend requirement to qualify for cashback.

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Which Platform is Right for Your Business?

Ultimately, the choice between Venn and Float for your Canadian businesses depends on your specific needs and priorities. Venn is designed for businesses that want a powerful, all-in-one platform to manage payments, expenses, AP/AR, corporate cards, global transfers, and more. With integrated multi-currency accounts, unified debit cards, robust expense controls, and no monthly fees on base plans, it offers a compelling alternative to fragmented financial tools. Additionally, Venn provides accounts, so businesses don’t need to use the platform in conjunction with a traditional bank. This makes it especially appealing for growing teams seeking to streamline operations and reduce administrative tasks.

Float, on the other hand, is a focused tool built around corporate card issuance and expense tracking. Its charge card lending model, virtual card options, and credit access tied to cash flow may suit startups with simple financial needs focused primarily on spend control. If you're looking for a scalable financial operating system that balances spend management with full-stack functionality, Venn stands out as the more comprehensive solution!

Ready to Transform Your Business Finances with Venn?

Discover how Venn can simplify your business banking, streamline your spending, and empower your global operations.

Learn More About Venn's All-in-One Platform

Frequently Asked Questions (FAQs)

Q. How does Venn's multi-currency account and corporate card system compare to Float's?

A. Venn offers integrated multi-currency accounts (CAD, USD, GBP, EUR) and a single multi-currency debit card that seamlessly draws from these balances. Float primarily offers corporate charge cards linked to an external bank account, focusing more narrowly on the card and expense management aspects rather than integrated multi-currency banking.

Q. Does Venn offer business lending or lines of credit, unlike Float?

A. No, Venn does not currently offer business lending or lines of credit. Float provides a charge card lending model based on the business's cash flow. Venn's focus is on providing integrated banking, spending, and payment tools without a lending component.

Q. Can Venn replace my current business bank account entirely?

A. Venn is designed with the intention of being a "bank replacement" for many Canadian businesses, offering core business banking functions such as managing funds in multiple currencies, sending and receiving payments, and managing cards. While it provides a comprehensive suite of services, businesses should evaluate whether Venn meets all their specific banking needs, taking into account their transaction volume, account types, and any additional services they may require.

Q. How do expense approvals and accounting integrations differ between Venn and Float?

A. Both platforms offer automated expense management and seamless integrations with popular accounting software. However, Venn integrates expense data with banking and payment data within the platform, simplifying reconciliation before syncing with accounting software like QuickBooks and Xero. Float, while offering similar integrations, relies on syncing with external bank data for a complete financial picture.

Q. Which platform (Venn or Float) is better for businesses with global operations?

A. Venn is better for businesses with global operations due to its integrated multi-currency accounts, competitive FX rates, and global transfer capabilities supporting over 30 currencies. Float primarily focuses on spend management via corporate cards, making it less suited for businesses managing international finances.

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_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of July 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}

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