Float company profile: valuation, funding & revenue

This Float company profile covers the company's valuation, revenue, funding rounds, investors and history. Float works in fintech, with a focus on business spend management. It was founded in 2019 and is headquartered in Toronto, Ontario, Canada. Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Float timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2019 — Float is founded in Toronto by Rob Khazzam (CEO), Griffin Khan and Ruslan Nikolaev.
• Feb 2024 — Credit facility: C$50M.
• Jan 2025 — Series B: C$70M. Investors: Growth Equity at Goldman Sachs Alternatives (lead); OMERS Ventures, FJ Labs, Teralys, Garage Capital.
• Jan 2026 — Debt facilities: Nearly C$100M. Investors: Silicon Valley Bank (a division of First Citizens Bank) and a Canadian bank.
• Jun 2026 — Series C: C$85M (final C$10M closed July 2026), valuing the company at Not disclosed (up 70% from Series B, per company). Investors: Inovia Capital (lead); Goldman Sachs Alternatives, Garage Capital, Teralys, BDC Capital, Northleaf; later Deloitte Ventures Canada.
• June 2026 — Valuation change at Series C: Up 70% from the Series B (company-reported; amount not disclosed).
• June 2026 — Active customers: More than 7,500 Canadian businesses, double the Series B level.
• June 2026 — Revenue growth since Series B: More than 120%.
• June 2026 — Total capital raised: About C$300M across debt and equity.
• January 2025 — Growth since Series A (company-reported): 50x revenue, 45x total payment volume, 140x credit issuance.

Investors

Float, the Toronto company that gives Canadian businesses corporate cards and spend management software, raised a C$85 million Series C in June 2026 at a valuation it said was 70% higher than at its Series B. It hasn't disclosed the valuation itself. It now serves more than 7,500 businesses and says revenue has more than doubled since early 2025. This profile covers what is known about Float's valuation, its funding, growth, products and competition.

Float's valuation

Float has never published a valuation figure. When it announced its Series C on 24 June 2026, it said the round raised its valuation by 70% compared with its January 2025 Series B, according to the company. Because the Series B valuation wasn't disclosed either, the size of that increase in dollars isn't public. Any specific valuation you see for Float online is an estimate.

What the company has disclosed gives a sense of why investors paid more. Since the Series B, active customers doubled to more than 7,500, revenue grew more than 120%, and balances that businesses keep in Float accounts grew more than four and a half times, according to the company's release as reported by Pulse 2.0. Nearly a third of customers use more than one Float product. Those are company figures and unaudited, but they describe a business growing faster than many larger fintechs.

Funding history

• November 2021: Series A, the round Float measures its growth from.
• February 2024: a C$50 million credit facility to fund the credit it extends on cards.
• January 2025: a C$70 million Series B led by Growth Equity at Goldman Sachs Alternatives, with OMERS Ventures, FJ Labs, Teralys and Garage Capital, according to a company release.
• January 2026: nearly C$100 million of debt facilities from Silicon Valley Bank, a division of First Citizens Bank, and a Canadian bank, according to Business Wire.
• June 2026: a C$85 million all-equity Series C led by Inovia Capital, with Goldman Sachs Alternatives, Garage Capital, Teralys, BDC Capital and Northleaf. BetaKit reported that Float closed the final C$10 million in July and added partners including Deloitte Ventures Canada.

Float says it has raised about C$300 million in total across debt and equity. The mix matters: debt funds the credit Float extends to customers, while equity funds product and hiring. Using debt for lending avoids diluting shareholders unnecessarily, as our guide to venture debt explains.

What Float does

Float combines corporate cards, bill payments, reimbursements, budgets and business accounts in one platform built for Canada. Finance teams issue physical or virtual cards with their own limits, capture receipts automatically, pay suppliers, and sync everything to accounting software. Businesses can also hold cash in Float accounts, and named customers include Cohere, Knix, Neo, Jane and Rebel.

The Series C money is going mainly into Float Intelligence, an AI layer meant to automate finance work such as coding expenses, chasing receipts and reconciling accounts, plus expansion into Western Canada and Quebec and hiring in product, engineering and sales.

Revenue: what's public

Float hasn't published a revenue figure in dollars. It has shared growth multiples instead: revenue grew 50 times between its 2021 Series A and its January 2025 Series B, and more than 120% between the Series B and the Series C. Its revenue comes from card interchange, software subscriptions and, increasingly, interest-related income on the balances customers hold. Subscription revenue is generally more predictable and valued more highly than transaction fees.

Why a Canada-first approach matters

Canadian businesses have needs that US-built tools don't always meet: Canadian-dollar cards and accounts, sales tax handling across provinces (GST, HST, PST and QST), integrations with accounting software popular in Canada and compliance with Canadian financial rules. Float's bet is that serving these needs deeply will win Canadian companies even against larger US competitors. The risk is that Canada is a much smaller market, so long-term growth depends on taking a large share of it or eventually expanding further.

Competitive landscape

Float competes with Canada's big banks and their business cards, with US spend-management companies serving Canadian customers, and with accounting and expense software that has added cards. US players such as Ramp, valued at US$44 billion in 2026, and Brex show how large the category can become, which helps explain investor interest in a Canadian leader. Float's edge is local focus; its challenge is that banks are improving their own digital products.

How spend management software works

Spend management platforms join three things that used to live apart: cards that can be issued in seconds with spending rules; payments for bills and reimbursements; and software that captures receipts, categorises spending, routes approvals and syncs with accounting tools. Finance teams get real-time visibility instead of chasing receipts at month-end, which is usually the main selling point.

Questions to ask when choosing a corporate card provider

• Are cards and accounts in Canadian dollars, and can you hold or pay in US dollars too?
• How are credit limits set, and what happens if your bank balance changes?
• Does it capture receipts and sales tax correctly for each province?
• Which accounting systems does it sync with, and how much manual work remains at month-end?
• What are the fees, including foreign exchange, and is there a subscription cost?

What to watch next

Watch Float's customer and revenue growth after the Series C, adoption of Float Intelligence, its expansion in Quebec and Western Canada, and whether it eventually discloses a valuation, which a later round or secondary sale could do. Competition from banks and US platforms will shape how fast it can grow.

Key facts at a glance

Float is a Toronto spend management fintech founded in 2019 by Rob Khazzam (CEO), Griffin Khan and Ruslan Nikolaev. It raised a C$70 million Series B led by Goldman Sachs Alternatives in January 2025, nearly C$100 million of debt in January 2026 and a C$85 million Series C led by Inovia Capital in June 2026, at a valuation it said was 70% higher than at the Series B. It serves more than 7,500 Canadian businesses and has raised about C$300 million in total.

What this means if you're…

A Canadian finance leader: compare providers by running a month of real spending through a shortlist and measuring how long the close takes afterwards.

Selling to Float: a fintech fresh from a Series C spends on AI, compliance, fraud prevention, data infrastructure and sales tools.

Tracking Canadian fintech: see our largest private fintech guide and Canadian unicorns guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Float
2. Pulse 2.0 (company release)
3. FinTech Futures (company release)
4. Business Wire
5. Goodmans