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Both are Canadian business accounts with charge cards and spend management. Float pays more on balances (2.5% base, up to 3.5%) and has cheaper FX (0.25%), but pays cashback only above $25,000 a month. Venn pays 1% cashback from the first dollar and is unavailable in Quebec.
At a Glance
The framing you will see everywhere, including in an earlier version of this page, is that Venn is a bank account and Float is a corporate card platform, so you should run both. That is wrong. Both are Canadian business accounts with charge cards and spend management attached. They are direct competitors, and the honest comparison is feature by feature.
The Short Answer
If your business is in Quebec, Float, because Venn does not serve Quebec. Everywhere else it comes down to how much you spend and where you want the margin: Float pays more on idle cash and has cheaper foreign exchange on its free tier, while Venn pays cashback from the first dollar where Float pays nothing until you are spending $25,000 a month.
What They Both Actually Are
Both give you a Canadian business account holding CAD and USD, the ability to send and receive EFT, ACH and wires, physical and virtual cards, per-card limits, receipt capture and accounting sync. Neither is a chartered bank, and neither lends beyond the charge facility on the card.
Float issues its CAD cards on Visa and its USD cards on Mastercard. Venn issues a Mastercard charge card through Peoples Trust. Float deposits are held in trust at Scotiabank and CDIC insured to $100,000.
Head to Head
- Quebec: Float serves Quebec. Venn states it is not available to businesses in Quebec. This is the only difference that removes an option entirely.
- Interest on balances: Float pays a 2.5% base and up to 3.5%. Venn pays 2% on CAD and USD balances. Float wins.
- Foreign exchange: Float is 0.25% on every plan. Venn is 0.45% on Essentials, 0.35% on Plus and 0.25% on Pro. Float wins unless you are already paying Venn $100 a month.
- Cashback: Venn pays 1% from the first dollar, capped at $5,000 of spend on the free plan, $25,000 on Plus and uncapped on Pro. Float pays 1% only on spend above $25,000 a month in each currency. For most small businesses Venn is the only one of the two that actually pays cashback.
- Platform cost: Float Essentials is free; Professional is $10 per active user per month, starting at $100 a month including the first ten users. Venn is $0, $40 or $100 a month flat regardless of headcount. Float is cheaper for very small teams, Venn is cheaper once you have a lot of card holders.
- Credit: Float Charge offers unsecured limits up to $3M with 15 or 30-day interest-free terms, no personal guarantee and no credit check. Venn's card is also a charge card. Neither lets you revolve a balance.
- Eligibility: both accept sole proprietorships, partnerships and corporations. Neither requires incorporation.
Where Float Wins
Yield and FX, and it is not close on the free tier: 2.5% to 3.5% against 2%, and 0.25% FX against 0.45%. If you hold a meaningful cash balance or spend in USD, that gap compounds every month regardless of plan.
Tax coding is the other one. Float's transaction coding is trained on Canadian data and applies GST, HST and PST off the receipt automatically, which is where bookkeeping hours actually go. And Quebec businesses have no alternative between the two.
Where Venn Wins
Cashback for normal-sized businesses. This is the one that surprises people. Float's 1% only starts above $25,000 of monthly spend per currency, so a business spending $8,000 a month earns nothing. Venn pays 1% on the first $5,000 even on the free plan. Below roughly $25,000 a month, Venn is the only one paying you.
Flat pricing with many users. Venn charges per month, Float Professional charges per active user above the ten included. A twenty-person team on Float Professional costs more than Venn Pro.
The CPA Verdict
Quebec decides it outright: Float. Outside Quebec, if you are spending under about $25,000 a month on cards, Venn's cashback is real money and Float's is zero, so start with Venn. If you hold significant cash, spend in USD, or spend above that threshold, Float's yield, FX and tax coding win. Running both is possible but rarely worth the administrative overhead now that each does the other's job.
Frequently Asked Questions
Is Float a bank account?
Float offers business accounts that hold CAD and USD, receive EFT, ACH and wire payments, and pay interest. Deposits are held in trust at Scotiabank and CDIC insured to $100,000. It is not itself a chartered bank.
Can a sole proprietor use Venn?
Yes. Venn accepts sole proprietorships alongside corporations and partnerships. Float does too, so this is not a point of difference between them.
Is Venn available in Quebec?
No. Venn states it is not available to businesses in Quebec. Float does serve Quebec, which makes it the answer there by elimination.
Which one pays more cashback?
For most small businesses, Venn. Venn pays 1% from the first dollar up to a per-plan cap. Float pays 1% only on monthly spend above $25,000 in each currency, so smaller spenders earn nothing from it.
Which one pays more interest on balances?
Float. It pays a 2.5% base and up to 3.5% on CAD and USD balances, against Venn's 2%.
Do I need both?
Almost certainly not. Both now offer accounts, cards, spend controls and accounting sync, so running both mostly duplicates work.
Next Steps
New Canadian businesses can get Float Professional free for 12 months through our partner link, and Venn is offering up to $500 in signup bonuses. For deeper detail see our Float credit card review and our Venn review, or Float vs Ramp for the US alternative. Both offers are on our Float and Venn deal pages.
Sebastien ProstCPA, Ex-CRA
Licensed CPA with 10+ years of experience, including work with the Canada Revenue Agency. Founder of LedgerLogic, a cloud accounting firm serving Canadian SMEs. Xero Certified Advisor.
