Toronto-based Float Financial has raised $85 million in Series C financing as it looks to expand its business finance platform across Canada and deepen its use of artificial intelligence.
The all-equity round was led by Inovia Capital, with continued participation from Goldman Sachs Alternatives and Garage Capital, along with new investment from BDC Capital and Northleaf. Float said the financing raises the company’s valuation by 70% and brings its total debt and equity financing since inception to $300 million.
The company plans to use the new capital to advance Float Intelligence, its proprietary AI layer for finance teams, expand further into Western Canada and Quebec, and hire across product, research and development, sales, and marketing.
Founded in Toronto, Float has been building a platform for Canadian businesses to manage spending, payments, and cash in one place. Its products include corporate cards in Canadian and U.S. dollars, expense management, bill pay automation, working capital credit, cross-border payments, and high-yield business accounts.
The company says it now serves more than 7,500 Canadian businesses, including Cohere, Knix, Neo, Jane, and Rebel. Since closing its Series B, Float says it has doubled its active customer base, grown revenue by more than 120%, and increased business account balances by more than 4.5 times.
“We are not waiting for our financial system to catch up to the needs of Canadian businesses. We are setting the pace ourselves,” said Rob Khazzam, CEO and Co-Founder of Float. “We have spent the past five years building what this market required — the infrastructure, the licenses, the products — and Float Intelligence is the AI layer that puts it all to work.”
Float’s latest raise comes as Canadian fintech companies continue to push into areas traditionally dominated by banks, particularly business banking, payments, expense management, and working capital. The company has positioned itself as a Canadian-built alternative to fragmented finance tools and U.S.-based platforms that are not designed around Canadian regulatory, currency, and bilingual requirements.
Float says AI is also becoming central to how it operates internally. The company said its 170-person team has increased revenue per employee by 50% by using AI to stay lean while continuing to hire.
Inovia Capital Partner Dennis Kavelman will join Float’s board as part of the financing.
“Float is growing at breakout speed, and that momentum reflects both the strength of its product and the depth of the team behind it,” said Kavelman. “Customers are expanding their use of Float’s platform, new products are reinforcing one another, and Float’s Canadian-first infrastructure creates a differentiated advantage that will be difficult to replicate.”
Goldman Sachs Alternatives, which led Float’s Series B, also returned for the new round.
“We led Float’s Series B because we saw a team building the financial infrastructure Canadian businesses had long needed,” said Clare Greenan, Vice President, Growth Equity at Goldman Sachs Alternatives. “Float has delivered since, growing quickly while customers adopt more of the platform.”
Float said the round reflects growing investor conviction in modern financial infrastructure built specifically for Canadian companies.
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