Loop vs. Float: Which solution is best for Canadian SMB exporters?

Float is a useful spend-management platform for Canadian companies, offering corporate cards and streamlined expense workflows. It’s a strong fit for teams focused on controlling budgets, setting approvals, and automating employee spend.

Loop, on the other hand, is a multi-currency banking platform built specifically for Canadian businesses that operate across borders. Companies use Loop to receive USD, send cross-border payments, access enterprise-level FX rates, and manage global cash flow, alongside modern cards and spend controls.

Both tools solve important financial challenges, but they’re designed for very different needs. Here’s how they compare.
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Float at a Glance

Float operates similar to Ramp in the U.S. as it provides expense management features allowing teams to simplify their expense management with receipt tracking, and expense workflows. It’s purpose-built for finance teams that want to streamline internal spending processes.
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Where Float Stands Out

Strong spend-management tools

Float’s core strength is its card and expense platform. Approval workflows, card limits, and automated receipt capture help keep employee spending organized and compliant.

Easy for teams to adopt

The interface is intuitive, making it simple for employees to submit receipts and for finance teams to reconcile spending.

Good for mid-sized teams

Companies with multiple employees using corporate cards often like Float’s real-time visibility and policy enforcement.
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Where Float Falls Short for Exporters

Limited to CAD and USD only

Float offers CAD and USD business accounts, but it does not support holding balances in additional currencies like EUR or GBP. Any non-USD foreign currency payments are automatically converted to CAD, which limits exporters who operate globally.

No true multi-currency infrastructure

Although Float provides USD accounts and FX between CAD and USD, it does not offer the ability to hold, pay, or collect in multiple currencies across international rails. Exporters needing EUR, GBP, or broader global support still require multiple external providers.

Cross-border payments are restricted to the US

Float supports sending and receiving USD via ACH and wires within the US, but does not offer broader international rails such as SEPA or Faster Payments. Exporters paying or collecting outside Canada and the US need additional banking partners.

FX is limited in scope

Float offers CAD↔USD conversions at competitive rates, but only for those two currencies. Exporters dealing with EUR, GBP, or global suppliers cannot manage end-to-end FX needs on Float.

Still requires a traditional bank for core operations

Float Business Accounts cannot replace a primary operating account. They do not support PADs and lack several banking functions Canadian businesses rely on, meaning exporters must maintain traditional bank accounts for critical financial workflows.

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Loop at a Glance

Loop provides multi-currency banking for Canadian SMB exporters. With Loop, businesses can collect USD from US customers, hold balances, convert FX at preferred rates, pay global suppliers, and issue cards, all in one place.
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Where Loop Stands Out

Multi-currency accounts for CAD, USD, GBP and EUR

Canadian exporters can receive and hold USD, CAD, GBP and EUR in locally domiciled Loop accounts and move money through ACH, SEPA and Faster Payments at no additional cost. This goes beyond simple multi-currency balances and lets businesses move funds like a local while converting only when it makes sense instead of paying high bank spreads.

Enterprise-level FX, without the enterprise tier

Loop gives small and mid-sized businesses access to FX pricing typically reserved for Fortune 500 companies. This results in more competitive, transparent rates compared to traditional banks and non-bank platforms.

Built for cross-border business

Send and receive international payments, pay US suppliers, and manage cash flow across borders. Loop replaces the patchwork of banks, FX brokers, and payment tools that exporters typically juggle.

Integrated corporate cards

Issue virtual and physical cards with spend controls, limits, and real-time insights, now unified with your banking and treasury in one platform.
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Where Loop May Not Be the Best Fit

• Teams that only want basic expense management
• Companies with no USD exposure or cross-border operations
• Firms that strictly need advanced reimbursement workflows or accounting automation at scale

If your business operates solely in CAD with simple card needs, Float may be “enough.” But if USD handling or international payments matter, Loop is purpose-built for that.
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Side-by-Side Overview

The Bottom Line

If your primary goal is managing internal employee spend, Float is a good solution solution.

But for Canadian SMB exporters, especially those earning or spending in USD. Loop offers far more: multi-currency business accounts, global payments, and FX rates designed for cross-border commerce, all unified with modern spend controls.