Canada-based fintech platform Float Financial has recently announced the receipt of approximately USD 74 million (CAD 100 million) in debt financing from two sources.

The funds are coming from Silicon Valley Bank, a division of First Citizens Bank, as well as from a tier-1 Canadian financial institution.

Expanding Product Offerings and Business Reach

These new investments will allow Float to continue offering its high-interest products for business accounts, despite the consecutive interest rate cuts by the Bank of Canada. The Toronto-based company also plans to expand its credit product lineup, which includes corporate cards, alongside other financial services tailored for businesses.

The raised capital will facilitate Float’s efforts in extending flexible working capital solutions to a broader range of Canadian companies, unlocking nearly USD 1.1 billion (CAD 1.5 billion) worth of annualised spending potential. Currently, the platform supports over 6,000 Canadian businesses, encompassing various financial services such as high-limit corporate cards, automated expense management, bill payments, foreign exchange, and business banking.

Float aims to assist regional businesses in operational optimization during a critical phase for growth and development.

Funding Insight

Brian Foley, the Market Manager of the national fintech group at Silicon Valley Bank, highlighted that the bank’s goal is to support Float’s mission to enhance local Canadian business capabilities. By leveraging its financial products and platform, Float intends to offer favorable rates to businesses, thereby contributing to overall growth across Canada.