Toronto-based Float has secured nearly $100 million in debt financing through two facilities from Silicon Valley Bank, a division of First Citizens Bank, and an undisclosed tier-1 Canadian bank.
The non-dilutive capital will allow Float to expand its high-yield business accounts and scale its Charge working capital product for Canadian businesses.
The facilities position Float to continue offering interest rates of up to 4% on business accounts, while increasing its base rate from 2% to 3% on every dollar held. The company says this remains the highest broadly available rate in Canadian business banking.
Float will also use the funding to scale Charge, extending flexible working capital to thousands more businesses and unlocking more than $1.5 billion in annualized spending power.
The funding arrives as Canadian businesses face a widening capital confidence gap. According to a recent Float report, revenues rose 5% in 2025, but rising costs compressed margins, leading many companies to avoid new debt despite growth opportunities. Canada’s economy grew just 1.2% last year amid ongoing inflation, tariff pressures, and uncertainty, leaving businesses at a crossroads between defensive positioning and renewed investment.
“Float is bullish where others may be bearish,” said Rob Khazzam, co-founder and CEO of Float. “By securing nearly $100 million in financing, we can inject capital directly into the Canadian economy, expand access to credit, and deliver better financial tools to help businesses grow intentionally.”
Float is using the facilities to enhance its Business Account product, which combines chequing-account liquidity with savings-level returns. Customer funds are held in segregated trust accounts at a tier-1 Canadian bank and protected by CDIC insurance up to $100,000. Since launching in September 2025, nearly two-thirds of customers report preferring to hold their business cash with Float rather than traditional banks.
“With its innovative platform and suite of financial products, Float is well positioned to support Canadian businesses at a critical time,” said Brian Foley, market manager for the National Fintech group at Silicon Valley Bank. “We’re pleased to provide this facility and support Float’s continued growth.”
Beyond business accounts, the debt facilities will support Float’s expanding product suite, including corporate cards with credit limits of up to $3 million, approvals in as little as one day, and no personal guarantees. The platform integrates corporate cards, automated expense management, bill payments, reimbursements, foreign exchange, and high-yield business accounts into a single solution built specifically for Canadian companies.
The announcement builds on strong momentum for Float, which now serves more than 6,000 Canadian businesses across technology, professional services, hospitality, retail, and non-profit sectors. The backing from major financial institutions reflects growing confidence in Float’s model and the resilience of Canadian small and mid-sized businesses.
Float raised a $70 million Series B led by Goldman Sachs Alternatives in January 2025 and has ranked among Canada’s fastest-growing companies, including #4 on the Globe and Mail’s Top Growing Companies list and top-10 placements on Deloitte’s Technology Fast rankings.
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