Float Financial Raises CAD$70M in Series B Funding to Revolutionize Business Finance in Canada

Float Financial Raises CAD$70M in Series B Funding to Revolutionize Business Finance in Canada

Float Financial, a leading Canadian business finance platform, has recently completed a significant funding round, raising CAD$70 million in its Series B financing. This funding is expected to enhance the company’s financial services offerings aimed at supporting businesses with their financial management needs.

Float Financial Secures CAD$70 Million in Series B Funding

The latest investment round was spearheaded by Growth Equity at Goldman Sachs Alternatives, with contributions from OMERS Ventures, FJ Labs, Teralys, and existing backer Garage Capital. This latest influx of capital brings Float Financial’s total funds raised over the past year to CAD$120 million, which includes a CAD$50 million credit facility obtained in February 2024.

Innovative Financial Solutions for Businesses

Float Financial provides a range of modern financial services and software that enable businesses to efficiently manage their spending, cash flow, and expenses. The platform’s offerings include:

  • Corporate Cards: Simplifying spending for teams.
  • Bill Payment Solutions: Streamlining payment processes.
  • Expense Management Tools: Facilitating easy tracking of expenses.
  • High-Yield Accounts: Offering competitive interest rates in both CAD and USD.

With over 4,000 businesses now utilizing Float’s platform, the company is experiencing substantial growth in its user base.

Future Plans and Objectives

The funds raised will be allocated towards:

  1. Accelerating product expansion
  2. Attracting top talent
  3. Strengthening Float’s market leadership across Canada

Float CEO Rob Khazzam emphasized the company’s commitment to empowering Canadian businesses by providing swift and straightforward financial solutions. He stated, “Our financial system needs to match the speed and ambition of Canadian businesses if we want to thrive locally and compete globally. Float’s mission is simple: cut through the red tape and give businesses the financial tools they need to move faster.”

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Remarkable Growth Since Series A Round

Since its Series A funding round in November 2021, Float Financial has seen explosive growth:

  • 45x increase in total payment volume
  • 50x jump in revenue
  • Significant gains in credit issuance and assets under management

Clare Greenan, an investor from Growth Equity at Goldman Sachs Alternatives, praised Float’s rapid advancement, saying, “Float’s impressive growth so early on is a testament to its Canadian focus, customer-centric platform, and deeply committed team. We are thrilled to support Float in its next phase of expansion.”

For more insights into innovative financial solutions for businesses, visit Float Financial’s official website or check out related articles on Forbes for the latest trends in business finance.

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