Float Financial Secures $49M Series B to Scale Canadian Business Finance Platform

The Toronto-based fintech aims to address gaps in Canada's banking system by expanding its offerings for small and medium-sized businesses.

Float Financial raised $49 million USD (70 million CAD) in a Series B funding round led by Goldman Sachs Growth Equity, with participation from OMERS Ventures, FJ Labs, Teralys Capital, and Garage Capital.
The company has raised a total of $83 million CAD in the past 12 months, including a $38 million CAD credit facility secured in February 2024 to extend credit to customers.
Float Financial provides financial tools such as corporate credit cards, accounts payable automation, high-yield cash accounts, and bill payment solutions tailored to Canadian SMBs.
Since its 2021 Series A, Float has experienced significant growth, including a 50x increase in revenue, 45x growth in total payment volume, and 30x rise in assets under management.
The funding will be used to expand Float's product offerings, grow its customer base beyond 4,000 businesses, and hire additional staff to enhance its regional presence in Canada.