Float Financial has secured 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 investment increases Float’s valuation by 70% and brings the company’s total funding since inception to CAD $300 million across debt and equity.
The raise comes after a period of strong operating growth. Since closing its Series B in late 2024, Float has doubled its active customer base to more than 7,500 Canadian businesses while growing revenue by more than 120%. The company was also recognized as Canada’s fastest-growing fintech on The Globe and Mail’s Top Growing Companies list.
Building deeper into the finance workflow
Rather than focusing on a single financial product, Float continues to position itself as an integrated financial operating system for Canadian businesses. Its platform combines corporate cards, expense management, business accounts, bill payments, working capital, and cross-border payments within a single ecosystem designed around Canadian regulatory requirements.
The new funding will accelerate development of Float Intelligence, the company’s proprietary AI layer. Instead of serving as a standalone feature, the AI capability is intended to automate everyday finance workflows directly inside the platform, helping finance teams reduce manual work while improving visibility and control.
Float also plans to use the capital to expand further across Western Canada and Quebec while increasing hiring across product, research and development, sales, and marketing.
Growth supported by broader product adoption
The company’s recent growth has not been driven solely by acquiring new customers. Existing businesses are using more of the platform over time. Float reports that nearly one-third of customers now use multiple products, while business account balances have increased more than 4.5 times since the previous funding round. Transaction volumes across five core products have each grown by more than 100%.
This combination of customer growth, higher product adoption, and expanding balances suggests that Float is becoming more deeply embedded in the day-to-day financial operations of Canadian businesses.
Key takeaways
- CAD $85 million Series C raises Float’s valuation by 70%.
- Customer base has doubled to more than 7,500 Canadian businesses.
- Revenue has grown by more than 120% since the previous funding round.
- New investment will fund AI development, regional expansion, and strategic hiring.
- Float continues to strengthen its position as a Canadian-built financial operating system.
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