Float Financial Raises CAD $85 Million Series C to Accelerate Growth of Canada’s Financial Operating System
Canada’s fintech sector has reached another significant milestone as Float Financial announced the successful completion of an all-equity CAD $85 million Series C financing round. The investment, led by Inovia Capital, marks a major vote of confidence in the company’s vision to modernize financial operations for Canadian businesses and comes with a 70% increase in Float’s valuation.
The funding round attracted continued support from existing investors, including Goldman Sachs Alternatives, which previously led Float’s Series B financing in December 2024, as well as Garage Capital. New investors joining the company include BDC Capital and Northleaf, further strengthening Float’s position as one of Canada’s fastest-growing financial technology companies.
With the latest investment, Float has now secured approximately CAD $300 million in combined debt and equity financing since its founding. The achievement underscores growing investor confidence in the company’s mission to provide Canadian businesses with a modern financial platform designed specifically for the country’s unique regulatory, operational, and business requirements.
Building Financial Infrastructure for Canadian Businesses
Since its inception, Float has focused on addressing a longstanding challenge faced by Canadian companies: the lack of integrated financial tools tailored to their needs. While businesses in larger markets such as the United States have benefited from an expanding ecosystem of advanced financial management solutions, many Canadian organizations have continued to rely on fragmented systems for spending, payments, expense management, and cash flow oversight.
Float aims to change that reality by providing a unified platform that brings together critical financial functions under a single operating system.
The company currently offers a comprehensive suite of products that includes corporate cards in both Canadian and U.S. dollars, business accounts with competitive yields, automated bill payment solutions, working capital financing, and cross-border payment capabilities. These services are specifically designed to accommodate Canadian regulations, bilingual requirements, and local business practices.
As a result, Float has attracted a rapidly growing customer base that includes some of Canada’s most innovative companies, such as Cohere, Knix, Neo, Jane, Rebel, and many others.
Investing in Artificial Intelligence
A major portion of the newly raised capital will be directed toward the expansion of Float Intelligence, the company’s AI-powered technology layer designed to automate financial workflows and improve operational efficiency for finance teams.
The initiative reflects a broader trend across the financial services industry, where artificial intelligence is increasingly being used to streamline administrative tasks, improve decision-making, and reduce operational complexity.
Float’s leadership believes AI has the potential to transform how businesses manage finances by eliminating repetitive processes and allowing finance professionals to focus on higher-value strategic activities.
According to the company, Float Intelligence is intended to become deeply embedded within everyday financial workflows, helping organizations automate tasks related to spending oversight, approvals, cash management, and financial reporting.
Chief Executive Officer and Co-Founder Rob Khazzam emphasized that the company’s goal extends far beyond creating isolated AI features.
Instead, Float is developing what it describes as a complete financial operating system powered by intelligent automation.
“We are not waiting for our financial system to catch up to the needs of Canadian businesses. We are setting the pace ourselves,” Khazzam said.
He noted that the company has spent the past five years building the infrastructure, regulatory capabilities, and product ecosystem necessary to support Canadian enterprises at scale.
According to Khazzam, Float Intelligence represents the next phase of that evolution, serving as the connective layer that enables businesses to derive greater value from their financial data and operations.
Expanding Across Canada
Another key objective supported by the Series C financing is geographic expansion.
Although Float has already established a strong presence across Canada, the company plans to deepen its reach in Western Canada and Quebec, two regions that represent significant growth opportunities.
As more businesses seek alternatives to traditional financial service providers, Float sees increasing demand for modern, technology-driven solutions that can simplify financial management while maintaining compliance with Canadian regulations.
The company’s expansion strategy includes increasing local market presence, strengthening customer support capabilities, and enhancing relationships with businesses operating across diverse industries.
By broadening its national footprint, Float hopes to make its platform accessible to thousands of additional Canadian organizations that are searching for more efficient ways to manage spending, payments, and cash flow.
Hiring to Support Continued Growth
The company also intends to use the fresh capital to expand its workforce across product development, research and development, sales, and marketing functions.
This hiring initiative comes at a time when many technology companies globally continue to face economic uncertainty and workforce reductions.
Float, however, has taken a different path.
The company reports that it has successfully leveraged artificial intelligence internally to improve efficiency and productivity while maintaining disciplined growth.
Its approximately 170-person workforce has reportedly increased revenue per employee by 50 percent, enabling the organization to continue hiring while remaining focused on operational effectiveness.
Leadership believes this approach demonstrates the practical value of AI-driven productivity gains and serves as a model for how technology can support sustainable business growth.
By expanding its team, Float aims to accelerate product innovation, improve customer experiences, and strengthen its competitive position within Canada’s financial technology landscape.
Strong Growth Since Series B
The company’s operational performance since its Series B funding round has further reinforced investor confidence.
Over the past year, Float has experienced substantial growth across several key business metrics.
Its active customer base has doubled, surpassing 7,500 Canadian businesses. Revenue has increased by more than 120 percent, reflecting strong adoption of the platform’s expanding product portfolio.
Customer engagement has also deepened significantly. Business account balances have increased more than 4.5 times as organizations increasingly choose Float as a primary destination for managing their cash.
At the same time, transaction volumes across five of the company’s product categories have grown by more than 100 percent.
Importantly, nearly one-third of Float’s customers now use multiple products within the platform, highlighting the company’s success in creating an integrated financial ecosystem that encourages broader adoption.
The company’s achievements have not gone unnoticed.
Float was recently recognized as the fastest-growing fintech company in Canada on The Globe and Mail’s Top Growing Companies list, further validating its rapid expansion and market impact.
Investor Confidence Remains Strong
The participation of both new and existing investors demonstrates broad confidence in Float’s long-term vision and execution capabilities.
Dennis Kavelman, Partner at Inovia Capital, highlighted the company’s momentum and strategic positioning as key reasons for leading the Series C investment.
According to Kavelman, Float has achieved exceptional growth by combining a strong product offering with a highly capable leadership team.
He pointed to increasing customer adoption, cross-product engagement, and the company’s uniquely Canadian infrastructure as important competitive advantages.
Kavelman also emphasized that Float’s platform is becoming increasingly difficult for competitors to replicate because it has been built specifically around the needs of Canadian businesses.
As part of the investment, Kavelman will join Float’s board of directors, bringing additional strategic guidance as the company enters its next phase of growth.
Goldman Sachs Alternatives also reaffirmed its commitment to Float through continued participation in the financing round.
Clare Greenan, Vice President of Growth Equity at Goldman Sachs Alternatives, stated that the firm initially invested because it recognized Float’s potential to build critical financial infrastructure for Canadian businesses.
Since that investment, the company has delivered strong execution, rapid growth, and expanding customer adoption across its platform.
The decision to reinvest reflects Goldman Sachs Alternatives’ continued belief in both the management team and the broader market opportunity.
Supporting the Future of Canadian Finance
Beyond product development and commercial growth, Float is increasingly positioning itself as a participant in shaping Canada’s financial future.
Rob Khazzam recently joined the board of Fintechs Canada, a move that reflects the company’s growing involvement in policy discussions and industry advocacy efforts.
The organization aims to contribute to conversations surrounding innovation, regulation, and financial modernization in Canada.
Khazzam believes Canadian businesses are becoming more selective about the financial partners they trust and increasingly prefer solutions developed specifically for the domestic market.
He argues that this shift creates a unique opportunity for Canadian fintech companies to build products that directly address local challenges while supporting broader economic growth.
According to the company, its mission remains centered on empowering Canadian businesses with greater financial visibility, flexibility, and control.
The successful completion of Float Financial’s CAD $85 million Series C round represents more than another funding milestone. It signals growing momentum behind a new generation of Canadian financial technology companies seeking to redefine how businesses manage money.
With a rapidly expanding customer base, strong revenue growth, increasing product adoption, and a clear strategy centered on artificial intelligence and national expansion, Float appears well-positioned to continue its upward trajectory.
As Canadian businesses increasingly seek integrated, locally built financial solutions, Float’s vision of creating an intelligent financial operating system may play a significant role in shaping the future of business finance across the country.
The latest investment provides the resources necessary to pursue that vision at a larger scale, reinforcing the company’s ambition to become a foundational piece of Canada’s modern financial infrastructure.
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