Float

Toronto-based fintech Float has secured nearly $100 million in non-dilutive debt financing from Silicon Valley Bank, a First Citizens division, and a tier-one Canadian bank. The facilities will expand high-yield business accounts, raise base interest to three percent, and maintain rates up to four percent.

Float will also scale its Charge working capital product, unlocking $1.5 billion in annualized spending power. CEO Rob Khazzam said the funding injects capital into Canada as businesses face margin pressure and cautious borrowing. The platform now serves 6,000 organizations nationwide. Confidence lenders underscores momentum.

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Toronto-based fintech Float has launched Float Business Accounts, touted as Canada’s first fintech-built business account offering zero fees, market-leading 4% interest, CDIC insurance, and instant liquidity. Founded in 2019, Float began with corporate expense management tools before expanding into yield accounts, bill pay, and reimbursements.

Its new accounts integrate with Float’s existing cards and software, creating a unified financial platform. Backed by $120 million in funding, including a $70 million Series B led by Goldman Sachs Alternatives, Float aims to modernize small-business banking. CEO Rob Khazzam says Canadian firms “don’t have to compromise” between speed, cost, and security.

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Toronto-based Float Financial has raised $70 million in Series B funding, led by Growth Equity at Goldman Sachs Alternatives. This brings Float’s total funding to $120 million in the past year.

Founded to modernize Canadian business finance, Float has grown its payment volume 15-fold and credit issuance 140-fold since 2021. Clients include Jane Software and Knix. The funding will support product expansion, talent acquisition, and nationwide growth. CEO Rob Khazzam emphasized empowering Canadian businesses with advanced financial tools.

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A recent survey by Float Financial highlights financial and operational challenges facing small and medium businesses (SMBs) in Canada. Although 87% of Canadian SMBs expressed confidence in their performance, two-thirds report ongoing cash flow struggles. Float’s CEO, Rob Khazzam, points to outdated banking practices and insufficient financial tools as key obstacles stunting business growth.

The survey also found 60% of SMBs feel more optimistic than in 2023, but high operating costs and lack of access to capital persist. Float believes fintech innovations will better serve SMBs by addressing key areas of speed, access, and ease.

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Fintech startup Float has announced the expansion of its product portfolio with Float Bill Pay and Float Reimbursements, making it the first business finance platform in Canada to offer an end-to-end solution for non-payroll spending. Float claims to drive up to 7% savings on corporate spend by offering 1% cashback, a 4% yield on business balances, and eliminating FX fees.

Float’s platform now integrates reimbursements, corporate cards, a credit facility, and various payment methods into a single system, streamlining business spending management. Earlier this year, Float secured a $50 million credit facility from Silicon Valley Bank to expand its Charge Card program.

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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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Float, a rapidly growing Canadian fintech, has unveiled “Float Yield,” a high-yield product for Canadian SMBs. This offering provides businesses with up to 2.7 times the interest rates on their cash balances compared to conventional banks, available in both CAD and USD.

Float is the first Canadian fintech to extend these rates from the first dollar, bringing significant value to thousands of SMBs in a challenging economic climate.

With inflation impacting one in six Canadian SMEs, Float CEO Rob Khazzam emphasizes the platform’s mission to simplify corporate finances. Float Yield aims to empower businesses with attractive returns and financial flexibility.

Want to know more? Check out the source code on Fintech.ca.