Float is celebrating its two-year anniversary following a strong second year for the Toronto-based financial technology startup.
In 2021, Float launched with a mission to simplify spend for Canadian companies and teams, raising $5 million toward achieving its goal.
The company said recently that, over the past year, it has quadrupled revenue.
“As a result of providing this value, we grew revenue 4x over the past year, and over 100x since our very first month in business,” Float’s head of marketing, Amrita Gurney, wrote in a blog post.
Much of the startup’s success lies in its rethinking of corporate spending management. Float’s solution is a smart corporate card linked to spend-management software that automates manual processes involved in managing card-linked spending, such as issuing cards for employees, tracking down receipts, and reconciling expenses at the end of the month.
The launch of USD cards, specifically, has become a “core part of Float’s business,” with the product now accounting for close to 20% of total spend on the platform.
“Since Float’s inception, USD cards have been the number one product requested by our customers,” says Gurney. “The response to our USD Cards has been phenomenal, resulting in a 5x increase in customers and 8x increase in transaction volume since launch.”
According to Gurney, the economic climate of the last year has “underlined how critical it is for companies to have tight control over all spending.”
“We help finance leaders by giving them real time visibility into spending across their business, and advanced controls that lower the risk of issuing cards to employees,” she says. Features of this fashion include Merchant Controls, Audit Logs, and Float’s Expense Policy.
Float is allowing teams to benefit from “digital transformation and modernization.” The Toronto fintech’s automations and enhancements “save thousands of hours in manual accounting tasks,” Gurney claims.
In addition to saving time, Float customers can see a snapshot of company spending and be able to analyze trends over time. With financial data visualizations, users can view month-to-date spending and identify increases or decreases in spending patterns.
The company continues to build out new products and features as it works toward perfecting “the modern day finance tech stack.”
In fact, Float even dabbles in projects outside the finance tech stack. For example, last year the startup launched Retained Learnings, a monthly digital magazine for forward-thinking Canadian finance leaders, and a sister property to their Retained Learnings podcast which is hosted by Float CEO Khazzam.
“At Float we like to make big bets,” stated Gurney in 2022. “And one big bet we’ve made is to launch our own magazine.”