US FinTech FloatMe raises $16.2m funding from Series A

FloatMe, a FinTech app that is helping users cover cash gaps and improve their finances, has secured $16.2m from a Series A financing raise.

The round was led by Foundry Group and saw participation from ManchesterStory, Samsung Ventures, Active Capital and a range of angel investors.

According to FloatMe, it has helped save Americans $80m in overdraft fees since it launched in March 2020. Since then, it has added 45 employees and significantly grown its member base.

FloatMe said the funding will help support the expansion of its team, products, services as well as continuing to help build the FloatMe community.

In line with the funding, the company also launched its new brand today ‘to amplify its focus on putting members’ best financial interests first’. The rebrand will include an updated logo, brand colours and messaging.

FloatMe CEO and co-founder Josh Sanchez said, “We set out to help people who were drowning in debt. Delivering a brand, experiences and products that, without compromise, prioritizes our members best financial interests allows us to continually demonstrate our commitment to solving that problem.”

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