Canadian fintech Float Financial has raised a CAD $85 million all-equity Series C round led by Inovia Capital, with continued backing from Goldman Sachs Alternatives, Garage Capital, and Teralys Capital, alongside new investors BDC Capital and Northleaf. The funding increases Float’s valuation by 70% and brings its total capital raised since inception to CAD $300 million, including both debt and equity financing.

The company plans to use the new investment to strengthen Float Intelligence, its proprietary AI layer designed to automate finance workflows, expand its presence across Western Canada and Quebec, and grow its teams across product, research and development, sales, and marketing.

Strong growth supports the investment

Since closing its Series B in late 2024, Float has reported significant business growth. Its active customer base has doubled to more than 7,500 Canadian businesses, while revenue has increased by over 120%. Customer balances on Float’s business accounts have grown more than 4.5 times, and nearly one-third of customers now use multiple products across the platform.

Float was also recognised as Canada’s fastest-growing fintech on The Globe and Mail’s Top Growing Companies list, reflecting growing adoption of its integrated financial platform.

Building a financial operating system for Canadian businesses

Float positions itself as a unified financial operating system for Canadian companies, combining corporate cards, expense management, bill payments, business accounts, working capital, and cross-border payments into a single platform built specifically for Canada’s regulatory and bilingual environment.

With the addition of AI-powered automation through Float Intelligence, the company aims to simplify daily finance operations while helping businesses gain greater visibility and control over their financial processes.

Key takeaways for fintech startups

Float’s latest funding round highlights several important trends shaping fintech today:

• Float raised CAD $85 million in a Series C led by Inovia Capital.
  
  
• The company will invest in AI capabilities through Float Intelligence.
  
  
• Customer numbers have grown to more than 7,500 Canadian businesses.
  
  
• Revenue has increased by over 120% since the previous funding round.
  
  
• Expansion across Western Canada and Quebec is a key strategic priority.
  
  
• Float continues to build an integrated financial platform tailored specifically for Canadian businesses.

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