Float Financial has raised CAD $85 million in an all-equity Series C as the Toronto fintech expands a finance platform built specifically for Canadian businesses. Inovia Capital led the round, with participation from Goldman Sachs Alternatives, Garage Capital, Teralys Capital, BDC Capital, and Northleaf.
The financing lifts Float’s valuation by 70% and brings its total debt and equity funding to CAD $300 million. The company plans to use the capital to expand in Western Canada and Quebec, hire across product, engineering, sales, and marketing, and develop Float Intelligence, an AI layer designed to automate routine finance workflows.
Founded by CEO Rob Khazzam and his team, Float has grown its active customer base to more than 7,500 businesses, including Cohere, Knix, Neo, and Jane. Since its Series B, revenue has increased more than 120%, while customer cash balances held on the platform have risen more than fourfold. Nearly one-third of customers now use more than one Float product.
Float’s platform combines corporate cards, expense management, bill payments, business accounts, working capital, and cross-border payments. Its pitch is that Canadian companies need finance tools designed around local regulation, currencies, and bilingual requirements rather than products adapted from the U.S. market.
“We are not waiting for our financial system to catch up to the needs of Canadian businesses,” Khazzam said. “We are setting the pace ourselves.”
The company now employs about 170 people and says its own use of AI has increased revenue per employee by 50%. Inovia Partner Dennis Kavelman will join Float’s board as part of the financing.
