Canadian FinTech Float Nets $30M for Its V-Card, Spend Management Offerings

Float, a corporate card and spend management platform, has raised $30 million in a Series A funding round, FinTech Futures reported. The company’s total funding is now $34 million.

Float’s business involves putting out Visa-issued cards, which can integrate with a company’s bank account to let employees use virtual as well as physical corporate cards, along with a spend management platform. The idea is to solve a pain point for small Canadian businesses by eliminating the need for personal guarantees from company leaders, according to the report.

Float CEO Rob Khazzam has said the company has grown at a faster pace than it could have imagined since March, per the report.

Meanwhile, United Arab Emirates-based Mashreq Bank began working with Visa last month on a digital reconciliation platform to track, trace and analyze company expense accounts.

Read more: UAE’s Mashreq, Visa Collaborate on Corporate Expense Platform

The partnership allows for a new suite of Visa digital solutions for companies, which can simplify and secure transaction tracking. The platform promises more visibility for business customers and boosted protection against fraud.

The offering comes with a virtual Visa card for corporate clients along with a platform called Visa Spend Clarity for Enterprise, allowing businesses to use it for daily operations. Businesses can also access more detailed comprehensive reporting, new card controls, expense management and enterprise resource planning (ERP) integration.

“Through this collaboration with Visa, Mashreq is really focusing on improving the ease of doing business for our clients,” said Mashreq Head of Payments Kartik Taneja at the time. “The intuitive virtual and digital tools will make it simpler for companies to understand the expenses they are spending, as well as where and when — whilst improving security and ensuring that reporting is faster than before.”

Meanwhile, Visa UAE General Manager Shahebaz Khan said the Visa Corporate solutions would be good for businesses in need of cutting costs and managing expense reporting.