Float Financial secures CAD$70m in Series B to transform Canadian business finance

January 13, 2025

Float Financial, a Canadian business finance platform, has announced the successful closure of a CAD$70m Series B funding round.

The investment round was led by Growth Equity at Goldman Sachs Alternatives, with participation from OMERS Ventures, FJ Labs, Teralys, and existing investor Garage Capital. This latest financing brings the company’s total funds raised in the past 12 months to CAD$120m, including a CAD$50m credit facility secured in February 2024.

The platform offers modern financial services and software designed to support businesses in managing spending, cash flow, and expenses efficiently. Its suite of products includes corporate cards, bill payment solutions, expense management tools, and high-yield accounts, available in CAD and USD. Float’s user base has grown significantly, with over 4,000 businesses now relying on the platform to streamline operations.

The funds will be used to accelerate Float’s product expansion, attract top talent, and solidify its leadership across Canada.

Float CEO Rob Khazzam highlighted the company’s mission to empower Canadian businesses with fast and easy financial solutions. “Our financial system needs to match the speed and ambition of Canadian businesses if we want to thrive locally and compete globally. 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.

“Today, 4,000 businesses use Float to manage team spend, earn high-interest on cash reserves and save days of manual reconciliation. This investment will fuel our mission to support thousands more with the financial solutions they need to lead Canada into the future.”

Float has demonstrated remarkable growth since its Series A round in November 2021. The company reported a 45x increase in total payment volume, a 50x jump in revenue, and significant gains in credit issuance and assets under management.

Clare Greenan, an investor with Growth Equity at Goldman Sachs Alternatives, commended Float’s rapid progress. “Float’s impressive growth so early on is a testament to its Canadian focus, customer-centric platform and deeply committed team. We are thrilled to support Float in its next phase of expansion, as it makes innovative business finance solutions more accessible to Canadian businesses.”