Float Financial, a Canadian business finance platform offering corporate cards, bill pay, and working capital credit, has closed a CAD $85m all-equity Series C round, lifting its valuation by 70%.
The round was led by Inovia Capital, with continued support from Goldman Sachs Alternatives, which led the company’s Series B in December 2024, and Garage Capital. New investors BDC Capital and Northleaf also joined the round. The raise brings Float’s total capital secured since inception to CAD $300m, spanning both debt and equity, with all existing investors maintaining their positions.
The fresh capital will be directed towards three areas: building out Float Intelligence, the company’s AI-driven layer that automates day-to-day finance workflows; geographic expansion across Western Canada and Quebec; and recruitment across product, research and development, sales, and marketing.
Float’s 170-person team serves more than 7,500 Canadian businesses, a figure that has doubled since the Series B closed. In the same period, revenue has climbed more than 120%, and business account balances have grown more than 4.5 times as customers increasingly hold cash on the platform. Volumes across five of Float’s products have each surpassed 100% growth, and nearly a third of users now rely on more than one product. The company was named the fastest-growing FinTech in Canada on the Globe and Mail’s Top Growing Companies list. Float also reports a 50% increase in revenue per employee, crediting AI-driven efficiencies for enabling leaner operations even as hiring has continued.
Float’s platform gives Canadian businesses a single, integrated environment to manage spending, payments, and cash. Its products include corporate cards in CAD and USD, high-yield business accounts, bill pay automation, working capital credit, and cross-border payments, all built within Canada’s regulatory and bilingual framework. The platform serves customers including Cohere, Knix, Neo, Jane, and Rebel. As part of the transaction, Inovia Capital partner Dennis Kavelman will join Float’s board of directors. CEO and co-founder Rob Khazzam recently joined the board of Fintechs Canada as part of Float’s efforts to shape national policy around the future of finance.
Float CEO and co-founder Rob Khazzam said, “We are not waiting for our financial system to catch up to the needs of Canadian businesses. We are setting the pace ourselves. We have spent the past five years building what this market required – the infrastructure, the licenses, the products – and Float Intelligence is the AI layer that puts it all to work.”
Khazzam added, “Canadian businesses are asking harder questions about who they trust with their finances, and they want answers built here, for them. This is the moment we built Float for. With this raise, we can put it in front of thousands more businesses that deserve better.” He continued, “We are not building a single feature. We are building the infrastructure that powers how Canada does business – and proving that the best financial tools for Canadian businesses don’t have to come from somewhere else.”
Inovia Capital partner Dennis Kavelman said, “Float is growing at breakout speed, and that momentum reflects both the strength of its product and the depth of the team behind it. Customers are expanding their use of Float’s platform, new products are reinforcing one another, and Float’s Canadian-first infrastructure creates a differentiated advantage that will be difficult to replicate. We are proud to partner with Rob and the team as they build a financial operating system designed for Canadian businesses.”
Jane director of finance Josh Andler said, “Float has revolutionised the accounting function at Jane. Over the years, we have watched US companies implement the latest and greatest AP and expense management solutions, and we are thrilled that Float has built these features for the Canadian market to put us on a level playing field.”
Copyright © 2026 FinTech Global
