Float Series C Hits $85M CAD at $550M Valuation

Toronto-based Float Financial closed an $85-million CAD Series C round on Wednesday, money the business finance platform will use to expand its AI offerings and push into Western Canada and Quebec. The all-equity, all-primary round is $75 million in so far, with the remaining $10 million expected inside a few weeks.

Inovia Capital led the round, with BDC Capital and Northleaf Capital Partners joining as new investors. Existing backers Goldman Sachs Alternatives and Garage Capital also participated. A Goldman Sachs spokesperson declined to comment.

The Series C brings Float's total equity and debt funding to $300 million. The company said the cash will let it build on Float Intelligence, an AI layer the firm launched in April that sits inside clients' daily finance workflows.

The round values Float at $550 million post-money, a 70% jump from the $70-million Series B in December 2024. Since that round, Float's active customer base has doubled to more than 7,500 Canadian businesses. Revenue – which Float does not disclose – has grown more than 120%, and business account balances have more than quadrupled, the company said.

Float started in 2019 by offering corporate cards and expense-management software to small and midsize Canadian businesses that felt overlooked by traditional banks. It has since added bill payments, business accounts, and credit, using $100 million in debt it secured earlier this year to back the lending.

CEO and co-founder Rob Khazzam described Float Intelligence as "the AI layer that puts it all to work" in a news release. He said the company spent five years building the infrastructure, licences, and products that Canadian businesses need. "The foundation is done," he added. "Now we build on it."

The company plans to grow its 170-person team, though it did not specify by how many or over what timeline.