Float Financial Raises $49 Million to Expand Business Finance Platform

Float Financial has raised 70 million Canadian dollars (about $49 million) in a Series B funding round to expand its business finance platform for Canadian businesses.

Together with a credit facility of 50 million Canadian dollars (about $38 million) the company announced in February 2024, this funding round brings the company’s total funding over the past 12 months to 120 million Canadian dollars (about $83 million), Float Financial said in a Monday (Jan. 13) press release.

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

Float Financial offers a combination of financial services and software that improves how Canadian businesses of all sizes spend, save and grow their money, according to the release.

The company announced its Series A in November 2021. Since that time, it has seen its total payment volume (TPV) grow by 45 times, its revenue rise by 50 times, its assets under management (AUM) increase by 30 times, and its credit issuance expand by 140 times, the release said.

Float has also expanded its offerings, adding features to automate accounts payable (AP), facilitate reimbursements and surface real-time insights into company spending, per the release.

Clare Greenan, an investor with Growth Equity at Goldman Sachs Alternatives, which led the funding round, said in the release that Float Financial “make innovative business finance solutions more accessible to Canadian businesses.”

“Float’s impressive growth so early on is a testament to its Canadian focus, customer-centric platform and deeply committed team,” Greenan said.

Float said in July that it chose Airwallex to power a new bill pay product that enables fast and cost-efficient bill payments for both domestic and overseas transactions and includes bank transfers, EFT, wire and ACH.

“By leveraging Airwallex’s global financial infrastructure, we can deliver a seamless and affordable bill payment experience to our customers — enabling them to scale, unlock their potential and grow our economy,” Khazzam said at the time in a press release.

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