← State of Embedded Finance 2026

Float

Can a Canadian corporate card company become the financial OS for Canadian SMBs by combining high-yield accounts, interest-free credit, and expense management in one platform?

Founded2019
HQToronto, Ontario, Canada
Total raised~$190M CAD (equity + debt)
Latest roundDebt facilities, January 2026
IndustryFintech / SMB banking
The story

Founded in 2019 as a corporate card company for Canadian startups locked out of Big Five bank credit facilities. Evolved into a full business finance platform adding expense management, bill pay, reimbursements, and a high-yield account offering 4% interest via Scotiabank deposits. The 2025 'Charge' product — interest-free unsecured credit up to $3M — marks a meaningful shift from prepaid-only to a hybrid charge/credit model, directly competing with US spend management platforms (Brex, Ramp) in the Canadian market.

Last 12 months
2026-01
2026-04
Product timeline
2019
Float Financial Solutions Inc. founded in Toronto to address the gap in corporate card access for Canadian startups and SMBs.· pivot
2021
Launched Float Visa Prepaid Card (CAD) issued by Peoples Trust Company, providing prepaid corporate cards to Canadian businesses.· card
2022
Expanded to expense management software, bill pay, and reimbursements, positioning Float as a full business finance platform.· banking
2023
Launched Float Mastercard USD Card issued by Thread Bank (Member FDIC) for cross-border USD spending.· card
2024
Introduced 4% high-yield business accounts with deposits held at Scotiabank (CDIC-insured), competing with Big Five banks on yield.· banking
2025
Launched Charge product — up to $3M in interest-free, unsecured credit — alongside pre-funded card model, reaching 6,000+ Canadian business customers and $30M+ annualized revenue.· lending
2026
Secured ~$100M CAD in debt facilities from SVB and a tier-1 Canadian bank to scale Charge and unlock $1.5B+ in annualized spending power.· lending
Regulated entities
MSB (Money Services Business)
Canada (FINTRAC)
Float Financial Solutions Inc.
The stack
Banking / BaaS
Peoples Trust Company (CAD issuing); Thread Bank (USD issuing)
Card issuing
Peoples Trust Company (CAD Visa Prepaid); Thread Bank (USD Mastercard)
Ledger
Modern Treasury
Lending
Float Charge — up to $3M interest-free unsecured credit (30-day)Working capital facilities (via SVB and tier-1 Canadian bank debt facilities)
Sponsor bank
Peoples Trust Company (CAD); Thread Bank (USD)
Accounting
QuickBooks OnlineXeroNetSuite
Accounting gap: minor