Toronto-headquartered Float Financial has raised $70 million in a Series B funding round led by Growth Equity at Goldman Sachs Alternatives.
The investment brings Float’s total funding over the past year to $120 million, including a $50 million credit facility secured in February 2024. Other participants in this round include OMERS Ventures, FJ Labs, Garage Capital, and Teralys.
Founded to revolutionize business finance in Canada, Float has achieved remarkable growth since its Series A in November 2021.
The company reports a 15-fold increase in total payment volume (TPV) and revenue, a 30-fold growth in assets under management (AUM), and a 140-fold rise in credit issuance. Float’s client base includes prominent brands such as Jane Software, LumiQ, and Knix.
Float plans to utilize this funding to expand its product offerings, attract top talent, and strengthen its market leadership nationwide. Recent product innovations include enhanced expense management tools, corporate cards in CAD and USD, high-yield accounts, and next-day fund transfers—services designed to simplify financial operations for Canadian businesses.
CEO Rob Khazzam emphasized the need for financial tools that align with the ambitions of Canadian businesses.
“We have big plans. Funds raised in this round will go toward accelerating product expansion, continuing to attract top talent and expanding coast-to-coast, all driving toward that original mission of empowering Canadian businesses with the financial tools they need and deserve. This investment in Float is an investment in Canada,” Khazzam writes.
Clare Greenan of Growth Equity at Goldman Sachs Alternatives praised Float’s growth and Canadian market focus. “We are thrilled to support Float as it expands innovative finance solutions for Canadian businesses,” Greenan said.
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