Canada-based fintech platform Float Financial has announced that it has raised approximately USD 74 million (CAD 100 million) through two debt facilities.
The funding was received from Silicon Valley Bank (SVB), a division of First Citizens Bank, as well as a tier-1 Canadian bank.
Directing funds towards expansion
Float said the debt facilities will enable the company to maintain its high-interest product for business accounts, even after a year of consecutive interest rate cuts by the Bank of Canada. Additionally, the Toronto-based fintech plans to scale further its credit products, including corporate cards, and other financial services for businesses.
At the same time, the newly raised funds will support Float in expanding flexible working capital to more Canadian companies and unlock nearly USD 1.1 billion (CAD 1.5 billion) in annualised spending. According to its data, Float’s platform and products are leveraged by over 6,000 Canadian businesses, including high-limit corporate cards, automated expense management, bill payments, foreign exchange, and business banking. The fintech mentioned that the funding comes as businesses across the region face a critical inflexion point, with the company aiming to assist them in optimising their operations.
Discussing the decision to provide Float with these debt facilities, Brian Foley, Market Manager of the national fintech group at Silicon Valley Bank, noted that the organisation plans to support the company’s commitment to helping local Canadian businesses expand their capabilities. He added that, with its platform and suite of financial products, Float seeks to offer rates to help local businesses and, in turn, scale growth across the Canadian economy.
In a previous investment round from January 2025, Float secured USD 48.8 million, with the Series B being led by Goldman Sachs Alternatives. The capital was set to support the company in offering Canadian businesses, regardless of their size, the ability to spend, save, and grow their money through optimised financial services and software.
