Toronto fintech startup Float has secured $5 million in financing consisting of a $4 million equity round co-led by Susa Ventures and Golden Ventures and $1 million in debt financing from Silicon Valley Bank.
Formerly named Journal, Float is looking to solve a major pain point for Canadian businesses through a combination of no personal guarantee corporate cards and a spending management platform.
Float’s Visa-issued cards integrate with corporate bank accounts to automatically maintain the desired balance on corporate cards.
The funding will be used to invest in product development, hiring and growth.
Float was started by Griffin Keglevich and Ruslan Nikolaev, two graduates of Waterloo’s computer science and business programs, in 2019. Former Uber Canada general manager Rob Khazzam later joined as CEO & co-founder.