Float Financial Raises CAD $85 Million Series C to Build Canada’s Intelligent Financial Operating System

Float Financial announced today a CAD $85 million all-equity Series C round led by Inovia Capital, raising the company’s valuation by 70%. The round saw continued participation from Goldman Sachs Alternatives, which led Float’s Series B in December 2024, and Garage Capital, along with new investment from BDC Capital and Northleaf.

With this Series C, Float has raised CAD $300M since inception, including debt and equity financing, and existing investors remained fully invested. Float’s suite of finance products for Canadian businesses is trusted by leading companies including Cohere, Knix, Neo, Jane, Rebel, and more.

The new capital will fund three priorities: advancing Float Intelligence, the AI layer that automates the workflows finance teams run every day; expanding coast to coast, including Western Canada and Quebec; and hiring across product, R&D, sales, and marketing. Float’s mission is to ignite the full potential of Canadian businesses, giving them the financial power, clarity, and control they deserve. The company applies the same discipline to its own operations: by using AI to stay lean, its 170-person team has grown revenue per employee 50%, adding headcount even as layoffs continue across much of the technology sector. Float Intelligence extends that advantage to customers, embedding AI directly into the finance workflows they run every day.

“We are not waiting for our financial system to catch up to the needs of Canadian businesses. We are setting the pace ourselves. We have spent the past five years building what this market required - the infrastructure, the licenses, the products - and Float Intelligence is the AI layer that puts it all to work,” said Rob Khazzam, CEO and Co-Founder of Float.

Khazzam recently joined the board of directors of Fintechs Canada, part of Float’s broader effort to change the status quo for Canadian businesses by helping shape the policies and partnerships that will define the future of finance in Canada.

“Canadian businesses are asking harder questions about who they trust with their finances, and they want answers built here, for them. This is the moment we built Float for. With this raise, we can put it in front of thousands more businesses that deserve better,” Khazzam added. “We are not building a single feature. We are building the infrastructure that powers how Canada does business - and proving that the best financial tools for Canadian businesses don't have to come from somewhere else.”

Since closing its Series B, Float has grown its active customer base 100% to more than 7,500 Canadian businesses, grown revenue over 120%, and seen business account balances rise more than 4.5x as customers increasingly keep their cash with Float. Volumes across five of Float’s products are up over 100%, and nearly a third of customers now use more than one. Float was named the fastest-growing fintech in Canada on the Globe and Mail’s Top Growing Companies list.

Led by Canadian investors and backed again by Goldman Sachs Alternatives, this round reflects growing conviction, at home and abroad, in the modern financial technology Float is building for how Canadian businesses operate today.

“Float is growing at breakout speed, and that momentum reflects both the strength of its product and the depth of the team behind it,” said Dennis Kavelman, Partner at Inovia Capital. “Customers are expanding their use of Float’s platform, new products are reinforcing one another, and Float’s Canadian-first infrastructure creates a differentiated advantage that will be difficult to replicate. We are proud to partner with Rob and the team as they build a financial operating system designed for Canadian businesses.” As part of the transaction, Dennis will join Float’s board of directors.

“We led Float's Series B because we saw a team building the financial infrastructure Canadian businesses had long needed. Float has delivered since, growing quickly while customers adopt more of the platform. Reinvesting now reflects our continued conviction in the team and in what they are building for Canada,” said Clare Greenan, Vice President, Growth Equity at Goldman Sachs Alternatives.

Today, Float gives Canadian businesses a single platform to manage spending, payments, and cash, an integrated alternative to the disjointed finance tools many Canadian businesses use today. The platform spans corporate cards in CAD and USD, industry-leading yield on business accounts, bill pay automation, working capital credit, and cross-border payments, all built for Canada’s regulatory and bilingual requirements.

“Float has revolutionised the accounting function at Jane. Over the years, we have watched US companies implement the latest and greatest AP and expense management solutions, and we are thrilled that Float has built these features for the Canadian market to put us on a level playing field,” said Josh Andler, Director of Finance.

About Float Financial
Float is Canada’s intelligent financial operating system, combining modern financial services and software to help businesses spend, save, and grow. Trusted by more than 7,500 Canadian companies, Float provides high-limit corporate cards, automated expense management, next-day bill payments, high-yield accounts, and industry-leading support, all built in Canada, for Canada. Float is backed by world-class investors, including Inovia Capital, Growth Equity at Goldman Sachs Alternatives, OMERS Ventures, and Silicon Valley Bank. To learn more, visit floatfinancial.com.

About Inovia Capital
Inovia Capital is Canada’s leading multi-stage software investor, partnering with founders to build impactful and enduring global companies. With three investment strategies—Discovery, Venture, and Growth—the team leverages an operator-led mindset to provide founders with multi-stage support, mentorship, and access to a worldwide network. Inovia manages over USD $2.5B with operations in Montreal, Toronto, Waterloo, Calgary, Bay Area, London and Abu Dhabi. For more information, visit inovia.vc.

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