Float Financial Raises $49 Million for Business Finance Platform

Financial Float has raised 70 million Canadian dollars (about $49 million) in a Series B funding round to expand its business finance platform for Canadian businesses.

Together with the credit facility of 50 million Canadian dollars (about $38 million) that the company announced in February 2024, this round of financing brings the company’s total funding in the last 12 months to 120 million dollars in Canada (about $83 million), Float Financial said on Monday (Jan. 13). press release.

“Today, 4,000 businesses use float to manage team spending, earn high interest on cash reserves and save days of manual reconciliation,” Float CEO Rob Khazzam the release said. “This investment will fuel our mission to support thousands more with the financial solutions they need to lead Canada’s future.”

Float Financial offers a combination of financial services and software that improves how Canadian businesses of all sizes spend, save and grow their money, according to the release.

The company announced its Series A in November 2021. Since then, it has seen total payment volume (TPV) grow 45 times, revenue increase 50 times, assets under management ( AUM) increased by 30 times, and the release of credit expanded by 140 times, the release said.

Float has also expanded its offerings, adding features to automate accounts payable (AP), facilitate payments and see real-time visibility into company spending, per release.

Clare Greenanan investor with Growth Equity in Goldman Sachs Alternativeswhich led the funding round, said in the release that Float Financial “makes innovative business finance solutions more accessible to Canadian businesses.”

“The impressive early float growth is a testament to the Canadian focus, customer-centric platform and deeply committed team,” said Greenan.

Float said in July that it had chosen Airwallex in the power of a new one fee payment product that enables fast and efficient bill payments for domestic and international transactions and includes bank transfers, EFT, wire and ACH.

“By leveraging Airwallex’s global financial infrastructure, we can provide a seamless and affordable bill payment experience to our customers – enabling them to scale, unlock their potential and grow our economy,” Khazzam said in a press release.

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