Float Financial has successfully raised CAD 70 million (approximately USD 49 million) in a Series B funding round to expand its business finance platform in Canada. With an additional CAD 50 million (about USD 38 million) credit facility announced in February 2024, the company’s total funding in the past 12 months now amounts to CAD 120 million (about USD 83 million).
Float Financial’s CEO, Rob Khazzam, expressed his enthusiasm about the funding, stating, “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.”
The company provides a combination of financial services and software aimed at improving how Canadian businesses spend, save, and grow their money. Since its Series A funding in November 2021, Float Financial has achieved impressive growth, increasing its total payment volume (TPV) by 45 times, its revenue by 50 times, and assets under management (AUM) by 30 times. Additionally, its credit issuance has expanded by 140 times.
Float Financial has also expanded its offerings by adding features to automate accounts payable (AP), streamline reimbursements, and provide real-time insights into company spending. Clare Greenan, an investor at Goldman Sachs Alternatives, which led the funding round, praised Float’s innovative approach, highlighting its focus on customer-centricity and its potential to bring accessible financial solutions to Canadian businesses.
The funding is set to further accelerate Float’s platform, which has already incorporated Airwallex’s global financial infrastructure to enable fast, cost-efficient bill payments for both domestic and overseas transactions.
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