Float
“Can Float become the financial operating system for Canadian SMBs by combining business accounts, corporate credit, and AI-powered spend management into a single platform?”
Founded2019
HQToronto, Ontario, Canada
FoundersRob Khazzam
Total raisedCAD 300M (equity + debt)
Latest roundSeries C, June 2026
ValuationCAD 548M (2026)
IndustryFintech / SMB banking
The story
Founded in 2019, Float positioned itself as the Canadian answer to Brex and Ramp — corporate cards and expense management for Canadian SMBs underserved by the country's banking oligopoly. The company progressively broadened from a card-first model into a full business finance platform, adding business accounts with interest, bill pay, reimbursements, and FX. In 2026, Float launched an AI automation layer ('Float Intelligence') and closed a Series C, signalling a move from spend management tool to a broader financial OS for Canadian businesses.
Last 12 months
Product timeline
2019
Float Financial founded in Toronto, initially as an automated expense management platform.· pivot
2021
Raised Series A led by Tiger Global; launched corporate card product for Canadian SMBs.· card
2024
Secured CAD 50M credit facility with Silicon Valley Bank (division of First Citizens Bank) to extend credit to customers.· lending
2025
Raised Series B led by Goldman Sachs; expanded product suite to include bill pay, reimbursements, and foreign exchange.· banking
2026
Launched Float Intelligence AI automation layer in April 2026; raised Series C led by Inovia Capital at CAD 548M valuation.· acquisition
2026
Signed debt facilities of just under CAD 100M with Silicon Valley Bank and an unnamed Canadian bank in January 2026.· lending
The stack
4 layers disclosed in Float’s embedded-finance stack
Money movement
Ledger
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
6 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.