We’ve Raised $70 Million to Fix Canada’s Business Banking Problem

Float launched its first product in 2021, a single corporate card and a simple mission: cut through the red tape and give businesses the financial tools they need to move faster. The “big five” banks were notorious for underserving non-enterprise companies with high costs, low earning rates and some of the worst support experiences—all on top of antiqued or virtually non-existent software. Canadian businesses were—and still are—finding success despite their financial institutions.

Since then, we’ve kept that mission but expanded our financial platform with products to automate accounts payable, make reimbursements frictionless and surface real-time insights into company spending. Float now also offers virtual and physical cards in both CAD and USD, high-yield accounts and next-day fund transfers and payments, providing faster, more flexible alternatives to traditional banking services. Today, more than 4,000 businesses use Float to manage team spend, earn high-interest on cash reserves and save days of manual reconciliation.

But our ambition for Float is about more than a growing suite of products.

Over the past four years, our customers have told us that Float has revolutionized the way they do finance. Made their team’s work smoother and more efficient. Empowered employees and removed roadblocks. Matched their speed and sense of purpose. How they will be loyal to Float forever because it’s given them back hours they used to spend on tedious manual processes, time they can now put back into their business. As the son of a small business owner myself, I couldn’t be prouder and more grateful to be working alongside these owners, operators and finance leaders—the true backbone of our country.

And so today, I’m beyond excited to announce that we’re set to expand once again, backed by globally-recognized investors. Growth Equity at Goldman Sachs Alternatives is leading a $70 million Series B investment round to help Float continue building business finance products already trusted by Canadian brands of every size.

We have big plans. Funds raised in this round will go toward accelerating product expansion, continuing to attract top talent and expanding coast-to-coast, all driving toward that original mission of empowering Canadian businesses with the financial tools they need and deserve. This investment in Float is an investment in Canada.

But let me be clear about something.

Canada is at a tipping point. Our economic and social prosperity are at stake. Playing it safe is no longer an option. As a nation, we must aim higher by fostering innovation and removing barriers that make it harder to build businesses in Canada. We have to stop resting on the laurels of legacy institutions that no longer serve everyone.

At Float, we’re committed to being part of the solution by providing Canadian companies with greater access to capital, smarter automation, modern financial tools and expert support (that’s available more than just 9 to 5). We’re meeting businesses where they are and helping them get where they want to go: a stronger, more prosperous future.

For them, for Canada, for all of us.

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