Float, a no personal guarantee corporate card supplier, has secured $30m in its Series A funding round.
Seasoned FinTech investor Tiger Global served as the lead investor to the round. Tiger Global has backed several FinTechs in the past few months, including a lead contribution to the $298m funding round of Trading View.
With the funding, the company hopes to continue the development of its platform.
Float claims to be one of the fastest growing companies in Canada. Since it launched its services in March this year, it has gained hundreds of customers. In the past five months, Float has increased the total payment volume by 20-times.
The company’s mission is to provide an end-to-end business spending platform for small and medium-sized businesses. Its aim is to help clients focus on their growth rather than using various tools for their daily payments.
In addition to spending, clients can use Float to access automated month-end approvals and track the payments.
There have been several PayTech companies to close funding in recent weeks. Mynt recently solidified its position as the Philippines’ only FinTech company, after it secured a $300m investment at a $2bn valuation.
Global investment into the PayTech sector has recovered from a consecutive two-year drop. Funding reached a new record in 2018, with $24.8bn invested into companies around the world. Funding levels dropped from this height in 2019 and 2020; however, 2021 has seen levels rise once again.
In just the first six months of the year, $16.8bn has been deployed to PayTech companies around the world. If the second half matches this level, the sector will reach a new record for annual investment volume.
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