Float raises Series B funding to expand its product suite and support its growth initiatives
Float Financial Solutions Inc., based in Toronto, announced it has raised $70m in a Series B financing round led by Goldman Sachs' growth equity division, according to BNN Bloomberg.
The round included contributions from OMERS Ventures, FJ Labs, Teralys, and existing investor Garage Capital. This new funding brings the total capital raised by Float in the last 12 months to $120m.
In February 2024, Float added a $50m credit facility to its financial resources through a partnership with Silicon Valley Bank, which is now part of First Citizens Bank. This facility builds on the US$30m raised during Float’s Series A financing in 2021.
Founded in 2019 by graduates of the University of Waterloo, Float provides a range of financial services for businesses, including expense management software and corporate credit cards.
The company stated that it serves over 3,000 clients, including Canadian brands such as Jane Software, LumiQ, and Knix.
Float has expanded its product offerings significantly since its Series A round. Recent additions include virtual and physical corporate cards in CAD and USD, high-yield accounts, next-day fund transfers, and enhanced features for automating accounts payable and reimbursements.
According to its press release, these developments aim to simplify financial operations for businesses.
CEO Rob Khazzam described the company’s mission, stating, “Float’s mission is simple: cut through the red tape and give businesses the financial tools they need to move faster. To access more opportunities. And to do it all easily, with the click of a button.”
Clare Greenan, an investor with Goldman Sachs’ Growth Equity division, highlighted the company's trajectory, stating that Float's early growth demonstrates its Canadian focus, customer-centric platform, and dedicated team.
She added, “We are thrilled to support Float in its next phase of expansion, as it makes innovative business finance solutions more accessible to Canadian businesses.”
The Series B financing positions Float alongside other major fintech competitors such as US-based Brex Inc., Ramp Business Co., and Jeeves Inc., which have each achieved multibillion-dollar valuations.
