Canadian card and spend management fintech Float raises $30m in Series A

Corporate card and spending management platform Float has raised $37 million CAD ($30m) in a Series A round.

Float CEO Rob Khazzam

US-based investor Tiger Global led the round, which also saw participation from Float’s existing investors including Golden Ventures, Susa Ventures, Michael Hyatt, Tiny Capital, Garage Capital, A-Star and Global Founders Capital.

Float has also attracted angel investors from notable firms such as Uber, Shopify, Wealthsimple, Properly and Clutch.

Founded by Griffin Keglevich and Ruslan Nikolaev in 2019, the company now has thousands of employees using cards on its platform.

This latest financing round brings Float’s total funding to date to around $42 million CAD.

Float provides Visa-issued cards that integrate directly with a company’s bank account, allowing employees access to both virtual and physical corporate cards as well as a spending management platform.

Float says its platform solves a pain point for Canadian SMEs, doing away with the need for personal guarantees from company leaders.

CEO Rob Khazzam told BetaKit that since March, Float has grown at a faster pace than it “could have ever imagined”.

“If you’ve run a small business in Canada you know that that existing B2B credit products are miserable.”