Goldman Sachs has led a C$70 million Series B funding round for Canadian business finance platform Float Financial.
The funding was spearheaded by Growth Equity at Goldman Sachs Alternatives, with contributions from Omers Ventures, FJ Labs, Teralys, and Garage Capital. Similar to American companies like Brex and Ramp, Float was established in 2021 to provide Canadian firms with a variety of business finance products aimed at helping them manage their spending, savings, and growth.
In 2024, Float significantly enhanced its expense management software and corporate card offerings, introducing features that automate accounts payable, streamline reimbursements, and provide real-time insights into company expenditures.
Float now offers virtual and physical cards in both CAD and USD, along with high-yield accounts and next-day fund transfers and payments, positioning itself as a faster, more flexible alternative to traditional banking services. With approximately 4,000 clients, the company plans to utilize the new funding to expand its product offerings and attract top talent.
CEO Rob Khazzam 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, access more opportunities, and do it all easily, with the click of a button.”