Summary
Float Financial announced 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), Garage Capital, Teralys Capital, and new investment from BDC Capital and Northleaf.
Float provides Canadian businesses with a single platform for corporate cards (CAD and USD), business accounts with industry-leading yield, bill pay automation, working capital credit, and cross-border payments — all built for Canada's regulatory and bilingual requirements.
Key Facts
- Series C: CAD $85M all-equity; valuation up 70%
- Total capital raised: CAD $300M (debt + equity)
- Led by Inovia Capital; Goldman Sachs Alternatives reinvested
- 7,500+ active Canadian business customers (100% growth since Series B)
- Revenue grew 120%+ since Series B
- Business account balances up 4.5x
- 170-person team; revenue per employee up 50%
- Float Intelligence: AI layer automating finance workflows
- Named fastest-growing fintech in Canada (Globe and Mail)
- Customers include Cohere, Knix, Neo, Jane, Rebel
Why It Matters
Float's growth trajectory — 100% customer growth, 120% revenue growth, 4.5x deposit growth — demonstrates strong product-market fit in the Canadian business finance market. The 70% valuation increase in a selective funding environment signals that investors see Float as building essential infrastructure for Canadian businesses. The company's "Canadian-first" positioning (built for Canada's regulatory and bilingual requirements) creates a differentiated advantage that US-based competitors cannot easily replicate.