Float Raises $85M Series C for AI and Canadian Expansion

Toronto-based financial technology firm Float Financial has successfully closed an $85 million Series C funding round, signaling a significant capital infusion to accelerate its artificial intelligence initiatives and broaden its market reach. The round, primarily composed of equity and primary capital, has already secured $75 million, with the remaining $10 million anticipated in the coming weeks. This substantial backing positions Float to further solidify its standing in the competitive Canadian FinTech sector.

The investment was spearheaded by Inovia Capital, with crucial participation from new investors BDC Capital and Northleaf Capital Partners. Existing supporters, including Goldman Sachs Alternatives and Garage Capital, also reaffirmed their confidence in Float's trajectory by participating in this latest funding effort. This predominantly Canadian financing brings Float's cumulative equity and debt capital raised to an impressive $300 million, underscoring strong domestic and international investor belief in its growth strategy.

With this new capital, Float intends to make substantial advancements in its artificial intelligence capabilities, a core component of its future product development. The company also plans to expand its operational footprint into Western Canada and Québec, alongside a strategic hiring initiative aimed at growing its current team of 170 professionals. This expansion is designed to serve a rapidly increasing client base, which has now surpassed 7,500 Canadian businesses.

The Series C round reportedly values Float at approximately $548 million, a notable increase from its previous funding round. Since its Series B in early 2025, Float has demonstrated remarkable growth, more than doubling its active customer base. The company has also reported over 120 percent revenue growth and a more than fourfold increase in business account balances, achievements that led to its recognition as Canada's fastest-growing FinTech firm by The Globe and Mail in September.

Founded in 2019, Float initially focused on providing corporate cards and expense management solutions to Canadian small and medium-sized businesses often overlooked by traditional financial institutions. The company has since diversified its offerings to include bill payments, business accounts, and credit facilities, supported by a significant $100 million debt facility secured earlier this year. This strategic evolution reflects a deep understanding of the evolving financial needs of modern businesses.

Central to Float's forward-looking vision is the integration of AI. Co-founder and CEO Rob Khazzam highlighted the company's five-year effort in building the necessary financial infrastructure, licenses, and products for Canadian businesses. He described Float Intelligence, launched in April, as the critical AI layer designed to optimize clients' daily financial workflows, effectively embedding advanced intelligence into core business operations. This focus on AI is expected to drive further innovation and efficiency within the platform.