Float Financial secures a USD 48.8 million investment round

In addition, the USD 48.8 million (CAD 70 million) funding round will allow Float to provide Canadian businesses of all sizes to spend, save, and grow their money with a combination of optimised financial services and software. The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from OMERS Ventures, FJ Labs, Teralys, and existing investor Garage Capital.

In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the Canadian industry as well.

More information on Float Financial’s funding round

Float significantly expanded its expense management software and corporate cards offering to streamline the manner in which Canadian businesses manage their finances. At the same, with the addition of features to automate accounts payable, as well as making reimbursements frictionless and surface real-time insights into company spending, Float will optimise the way businesses simplify their financial operations. 

In addition, Float currently also offers virtual and physical cards in both CAD and USD, high-yield accounts, and next-day fund transfers and transactions, providing a faster, more flexible alternative to traditional banking solutions. According to the officials of the company, Float also aims to leverage the new capital in order to further broaden its product suite, attract top talent, and expand its position in the Canadian market. 

At the same time, the investment will fuel the company’s mission to support multiple other partners and customers with the financial solutions they need to accelerate Canada’s development into the financial landscape.