Goldman Sachs has led a C$70 million Series B funding round for Canadian business finance platform Float Financial.
The round was led by Growth Equity at Goldman Sachs Alternatives, with participation from Omers Ventures, FJ Labs, Teralys and Garage Capital.
Similar to US outfits Brex and Ramp, Float launched in 2021, offering Canadian firms a range of business finance products designed to help them spend, save and grow their money.
In 2024, the company significantly expanded its expense management software and corporate cards offering, adding features to automate accounts payable, make reimbursements frictionless and surface real-time insights into company spending.
Float now also offers virtual and physical cards in both CAD and USD, high-yield accounts and next-day fund transfers and payments, claiming to provide faster, more flexible alternatives to traditional banking services.
The company, which has around 4000 clients, plans to leverage the new capital to further broaden its product suite and attract top talent.
“Our financial system needs to match the speed and ambition of Canadian businesses if we want to thrive locally and compete globally. Float’s mission is simple: cut through the red tape and give businesses the financial tools they need to move faster. To access more opportunities. And to do it all easily, with the click of a button,” says Rob Khazzam, CEO, Float.