Canadian fintech Float has secured crucial debt financing from Silicon Valley Bank to expand its burgeoning corporate credit program. This move follows Float’s impressive sevenfold customer growth since its 2022 launch. The partnership comes at a pivotal time, nearly a year after First Citizens Bank’s takeover of SVB and six months post National Bank of Canada’s acquisition of SVB’s Canadian debt portfolio.
Founded in 2019, Float introduced a real-time expense approval software system and corporate card. Its Charge Card, offering interest-free capital with a 30-day repayment term, has now gained SVB as its first banking partner, underwriting the product.
According to CEO Rob Khazzam, while the company has been primarily venture capital and Canadian bank debt-driven, this partnership marks a significant step in its growth trajectory.
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