Floatfinancial
Canada, CA · 5 known investors
Float provides business banking and financial operations software for small and medium-sized businesses in Canada, offering faster access to funds, spend controls, and integrated cash management without the hidden fees and complexity of traditional banking.
Also known as Float · Float Financial
Founders & leadership
Investors · 5
Also in the syndicate · 3
Company profile
researched Aug 2026Float Financial is a Toronto-based financial technology company that provides Canadian businesses with a single platform for spending, payments and cash management. Its product suite includes physical and virtual corporate cards issued in CAD and USD with pre-spend controls and approval workflows, business accounts with CDIC coverage on eligible deposits and yield of up to 3.5%, bill pay with wire transfers and free EFT/ACH, foreign exchange between CAD and USD, working capital credit through Float Charge, and cross-border payments. Expense management features cover reimbursements, spend approvals and month-end close, with direct integrations to QuickBooks Online, Xero and NetSuite as well as accounting, HR and productivity tools and a custom API.
A layer the company calls Float Intelligence embeds AI into finance workflows, automatically matching receipts and coding transactions; the company states its Transaction Coding Agent assigns GL and tax codes with 95%+ precision. Float positions its stack as purpose-built for Canadian tax, currency, regulatory and bilingual requirements, in contrast to US-designed finance platforms, and offers a free Essentials plan alongside paid tiers, same-day card issuance without personal guarantees, zero-liability fraud protection, a mobile app and Canada-based support.
Business model
Float sells software and financial services to Canadian businesses, combining a spend management and expense platform with issued corporate cards, business deposit accounts, bill payments, FX conversion and working capital credit. Plans range from a free Essentials tier to paid tiers, with customers frequently adopting multiple products — nearly a third of customers use more than one product, and over 30% of customers use more than one Float product.
Revenue derives from Float's suite of finance products, including corporate cards, business accounts, bill pay, foreign exchange (advertised at fees 90% lower than banks) and working capital credit, alongside paid software plans above a free Essentials tier. The company reported revenue growth of over 120% since its Series B and a 50% increase in revenue per employee.
Traction
Float reports more than 10,000 customers on the platform, with over 30% using more than one product, and the June 2026 Series C announcement cited more than 7,500 active Canadian business customers — a 100% increase since the Series B — along with revenue growth over 120%, business account balances up more than 4.5x, and volumes across five products up over 100%. The company reports 500,000 hours saved across customers in 2025 and a team of 170 people with revenue per employee up 50%.
Latest developments
In June 2026 Float announced a CAD $85 million all-equity Series C led by Inovia Capital, with continued participation from Goldman Sachs Alternatives and Garage Capital and new investment from BDC Capital and Northleaf, raising the company's valuation by 70% and bringing total capital raised since inception to CAD $300 million including debt and equity. Inovia partner Dennis Kavelman joined the board as part of the transaction. Capital is directed to Float Intelligence, coast-to-coast expansion and hiring. CEO and co-founder Rob Khazzam recently joined the board of directors of Fintechs Canada.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
Float describes itself as Canada's intelligent financial operating system and was named the fastest-growing fintech in Canada on the Globe and Mail's Top Growing Companies list for 2025. It positions its offering as an integrated alternative to the disjointed finance tools Canadian businesses commonly use and to traditional Canadian banks.
Float's stated differentiator is Canadian-first infrastructure: cards issued for Canadian headquarters, in-house Canadian compliance expertise, licences, bilingual local support, high interest on both CAD and USD balances, and AI trained on Canadian transactions, versus US-built platforms that require manual workarounds for Canadian taxes, currencies and regulations. An investor cited this Canadian-first infrastructure as a differentiated advantage that will be difficult to replicate.
Technology
The platform combines card issuance, business accounts, payments and accounting integrations with Float Intelligence, a proprietary AI layer built into finance workflows. It automates receipt matching, receipt reminders and transaction coding, with a Transaction Coding Agent that the company says assigns GL and tax codes with 95%+ precision, outperforming general LLMs by nearly 30%, and enables closing books up to 8x faster. Transactions export directly to QuickBooks Online, Xero and NetSuite, and a custom API supports additional workflows.
Go-to-market
Float markets directly to Canadian finance leaders and businesses through its website with product tours, a free Essentials plan, customer case studies and role-based pages for CFOs and heads of finance, plus promotional incentives such as cashback on eligible AI spend. Proceeds from the Series C are earmarked for coast-to-coast expansion, including Western Canada and Quebec, and hiring across product, R&D, sales and marketing.
Canadian companies of varying sizes, from small businesses to in-house finance teams at larger firms, with buyers including CFOs, VPs and heads of finance, controllers and accounts payable staff. Named customers include Cohere, Knix, Neo, Jane, Rebel, BenchSci, Impact Kitchen, Ocean Wise, Crawford Technologies, PolicyMe, Makeship and BrightIron.
Geography
Canada-focused, with the company headquartered in Toronto and serving businesses nationally; expansion priorities include Western Canada and Quebec. Products support CAD and USD as well as cross-border and global bill payments.
History
Float has spent roughly five years building infrastructure, licences and products for the Canadian business finance market, according to its CEO. Goldman Sachs Alternatives led the company's Series B in December 2024, and Inovia Capital led an CAD $85 million Series C announced in June 2026.
Compiled by commissioned research from 6 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 10
by search overlap
Companies competing with Floatfinancial for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 4
launches, deals, and filingsAll-equity Series C of CAD $85 million led by Inovia Capital, with continued participation from Goldman Sachs Alternatives and Garage Capital and new investment from BDC Capital and Northleaf. The round raised the company's valuation by 70% and brought total capital raised since inception to CAD $300 million including debt and equity. Proceeds fund Float Intelligence, coast-to-coast expansion including Western Canada and Quebec, and hiring.
As part of the Series C transaction, Inovia Capital partner Dennis Kavelman joined Float's board of directors.
Co-founder and CEO Rob Khazzam recently joined the board of directors of industry association Fintechs Canada.
Float was ranked the No. 1 fastest-growing fintech on The Globe and Mail's Top Growing Companies list for 2025.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 6
primary sources listed
- Floatfinancialfloatfinancial.com · web
6 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Floatfinancial do?
- Float is a Canadian financial operating system offering corporate cards, business accounts, bill pay and spend management.
- Who founded Floatfinancial?
- Floatfinancial was founded by Rob Khazzam, Ruslan Nikolaev, Griffin Keglevich.
- Who are Floatfinancial's investors?
- Floatfinancial's investors include Garage Capital, OMERS Ventures.
- Where is Floatfinancial headquartered?
- Floatfinancial is headquartered in Canada, CA.