For years, Canadian startups and growing businesses had one corporate card option: apply to a major bank, provide a personal guarantee, and wait weeks for approval. Two Canadian-founded fintech companies have changed that dynamic entirely.
Float and Loop are both modern corporate card platforms built specifically for Canadian businesses. Both offer no annual card fees, no personal guarantee requirements, fast approvals, and real-time spend controls. But beneath those surface similarities, the two products are designed for fundamentally different types of businesses.
This guide compares Float and Loop across every key dimension using verified data from their official product pages as of April 2026.
Float vs Loop: At-a-Glance Comparison
| Feature | Float | Loop |
|---|---|---|
| Card Network | Visa (issued by Peoples Trust Company) | Visa |
| Annual Card Fee | $0 (platform subscription separate) | $0 (platform subscription separate) |
| Personal Guarantee | Not required | Not required |
| Personal Credit Check | No | No |
| Approval Speed | 1 business day | Not publicly specified |
| Credit Limit | Up to $3M (unsecured); up to $1M in 30-day charge credit | Up to $1M CAD (case-by-case) |
| FX Fees | 0.25% markup (below 2.5% standard) | $0 on CAD, USD, EUR, GBP; 0.1%–0.5% on other currencies |
| Supported Currencies | CAD and USD natively | CAD, USD, EUR, GBP natively; 37+ currencies supported |
| Cashback / Rewards | 1% cashback on qualifying spend (Essential plan, spend threshold applies) | 1 Loop Point/$1 (Basic); 2 Loop Points/$1 (Plus/Power) |
| Physical Cards | Yes (up to 20 on Essential; unlimited on Professional+) | Yes (Plus/Power plans); virtual only on Basic |
| Virtual Cards | Unlimited | Up to 20 on Basic; unlimited on Plus/Power |
| Accounting Integration | QuickBooks Online, Xero, NetSuite (Professional+), custom exports | Configurable expense reporting; digital receipt capture |
| High-Yield Cash Account | Yes — up to 4% on CAD and USD (CDIC insured) | Not offered |
| Founded | Canada | Canada |
| Platform Pricing | Essential: $0/user/month; Professional: $10/user/month (min. $100/month for 10 users) | Basic: $0/month; Plus: $49/month; Power: $199/month |
About Float
Float is a Canadian-founded corporate spend management platform built for businesses that want complete control over employee spending without the complexity and personal liability of traditional bank cards.
How Float Works
Float operates as both a prepaid corporate card and a charge card with up to $1 million in unsecured 30-day credit terms. The card is issued by Peoples Trust Company under the Visa network. Unlike a traditional revolving credit card, Float's charge card balance is automatically paid down throughout the month — businesses are not accumulating revolving debt in the traditional sense.
Float's Key Strengths
No personal guarantee, no personal credit check: Float underwrites based on business revenue and financial data, not the owner's personal credit history. Credit limits scale with business performance, reaching up to $3 million for qualifying businesses.
Deep accounting integration: Float's real differentiator for Canadian startups is its finance operations stack. The platform integrates natively with QuickBooks Online, Xero, and NetSuite (on Professional and above). Receipts are automatically captured and matched. Transactions are CRA-tagged for Canadian tax compliance. Employee reimbursements can be paid directly in CAD. For a startup trying to maintain clean books without a full-time accountant, Float can save significant bookkeeping time each month.
High-yield cash account: Float offers up to 4% interest on CAD and USD funds held in Float accounts, with CDIC insurance. For startups holding operating cash, this is a meaningful financial return that traditional business accounts typically do not offer.
Real-time spend controls: Each card can be given individual spending limits, merchant category restrictions, and per-transaction caps. Managers can freeze cards instantly. This granular control is particularly valuable for startups with distributed teams or employees who travel.
Fee transparency: Float's 0.25% FX markup is dramatically below the 2.5% charged by most Canadian bank cards. While it is not zero, it represents a 90% reduction in FX costs for businesses making foreign currency purchases.
Float's Limitations
- The 1% cashback on the Essential plan requires qualifying spend above $25,000/month — below that threshold, no cashback applies
- Physical cards are limited to 20 on the Essential plan; additional physical cards require the Professional plan ($10/user/month)
- FX support covers CAD and USD natively; other currencies incur the 0.25% markup
About Loop
Loop (operating at bankonloop.com) is Canada's first SME-focused multi-currency corporate credit card. It is designed specifically for businesses with international revenue and spending — e-commerce companies, SaaS businesses, import/export operations, and any business billing or paying in multiple currencies.
How Loop Works
Loop operates as a corporate credit card on the Visa network. Balances are due within 55 days interest-free. The card supports native CAD, USD, EUR, and GBP spending with zero FX fees, plus payments in 37+ additional currencies at minimal markup (0.1%–0.5% depending on plan). Credit limits reach up to $1 million CAD, assessed based on business revenue without a personal credit check.
Loop's Key Strengths
Multi-currency with zero FX fees on four major currencies: This is Loop's primary competitive advantage. A business that invoices USD clients and pays EUR suppliers can hold balances in each currency, settle in the same currency as the transaction, and eliminate FX conversion costs entirely on CAD, USD, EUR, and GBP. This is a genuinely unique capability in the Canadian corporate card market.
Designed for e-commerce and international businesses: Loop's underwriting model integrates with business sales channels to assess revenue — making it accessible to e-commerce businesses and online sellers who may not fit traditional bank underwriting models. The multi-currency account structure also aligns with how online businesses actually operate: earning revenue in USD from Amazon, paying for ads in USD, and converting to CAD only when needed.
No personal guarantee, revenue-based approval: Like Float, Loop does not require a personal guarantee or personal credit check. This is significant for startup founders who want to protect their personal credit profiles while the business scales.
Points on spending: Loop earns 2 Loop Points per $1 on Plus and Power plans (effectively 2% value when redeemed for gift cards at Amazon, Apple, Uber, Walmart, Air Canada, or Expedia). The Basic/free plan earns 1 point per $1 (1% effective return). While not the richest rewards program, it is competitive for a card with no FX fees on major currencies.
Loop's Limitations
- Physical cards are only available on Plus ($49/month) and Power ($199/month) plans; the Basic/free plan is virtual cards only
- Accounting software integrations are less comprehensive than Float's native QuickBooks/Xero/NetSuite connections
- No high-yield cash account feature
- The 30% purchase APR (per Ratehub.ca) is high if a balance is ever carried past the 55-day interest-free period
Which Is Better for Your Startup?
Choose Float If:
- Your business operates primarily in Canada (CAD) with some USD spending
- You need deep accounting software integration (QuickBooks, Xero, NetSuite)
- You have distributed employees and need granular real-time card controls
- You want to earn interest on operating cash (Float's 4% high-yield account)
- You are a growth-stage startup that wants 1-day approval and no personal credit check
- Your team is large enough that the Professional plan's per-user pricing makes sense
Choose Loop If:
- Your business earns significant revenue in USD, EUR, or GBP — or pays significant expenses in those currencies
- You operate an e-commerce business, SaaS company, or import/export operation with multi-currency exposure
- Eliminating FX fees entirely (on the four supported currencies) is a higher priority than accounting integrations
- You want the simplest possible setup with a free Basic plan and virtual cards to start
- You need to manage currency risk by holding balances in multiple currencies
Can You Use Both?
Yes — and for some businesses, it makes sense. A Canadian startup could use Float as the primary domestic card for team expenses and accounting integration, while using Loop for all international payments and currency management. Both cards carry no annual fee at their base tiers, making a two-card approach cost-effective.
Float vs Loop vs Traditional Bank Cards
It is worth noting what both Float and Loop offer that no major Canadian bank business card does: no personal guarantee. The BMO, RBC, TD, CIBC, and Scotiabank business cards all require personal guarantees from the business owner, meaning personal liability in case of business default. For incorporated business owners who structured their business specifically to limit personal liability, this distinction is not trivial.
Traditional bank cards generally offer richer travel rewards, stronger insurance packages, and broader merchant acceptance for in-person spending. The trade-off is personal liability, longer approval timelines, and less flexible spend controls.
For most Canadian startups and SMEs with less than $10 million in annual revenue, Float or Loop — or a combination of both — often represent the most cost-effective and operationally sensible corporate card solution in 2026.
Data Verification: All card details, fees, and reward structures in this article were verified against official issuer websites as of April 2026. We conduct routine data checks to ensure accuracy. Card terms and offers can change at any time — always confirm current details directly with the card issuer before applying.
For more business resources and local guides across Markham and Richmond Hill, visit MarkhamBusiness.com.