Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Float Raises $70M Series B to Innovate Business Finance
Funding | Jan 14, 2025
Image courtesy of AI
Float Financial Raises $70 Million Led by Goldman Sach's Growth Equity
Yesterday, Toronto fintech, Float Financial announced that they signed a CAD $70 million Series B funding round led by Goldman Sachs’ Growth Equity at Goldman Sachs Alternatives. Other participating investors in this Series B include OMERS Ventures, FJ Labs, Teralys, and Garage Capital. Use of proceeds from this Series B will be allocated to drive product innovation, attract top talent, and expand to markets across Canada.
Clare Greenan, Investor with Growth Equity at Goldman Sachs Alternatives:
“Float’s impressive growth so early on is a testament to its Canadian focus, customer-centric platform and deeply committed team,”
Key Insights
1. Robust Funding and Strong Financial Growth Metrics
Float financial raised USD $30 million Series A (approx CAD $43M using historical forex rates) in November 21, followed by another CAD $50 million credit facility announced in February 2024. Combined with this latest CAD $70 million Series B brings total funding of approx CAD $163 million to date.
According to the release, since its November 2021 Series A, Float has grown like gang busters:
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- 45x growth in total payment volume (TPV)
- 50x increase in revenue
- 30x growth in assets under management (AUM)
- 140x expansion in credit issuance
Float also has 4,000 Canadian businesses using their financial tools to simply financial operations including companies such as Jane Software, LumiQ, and Knix (remember Knix was a crowdfunding success way back in the day).
2. Expanding Product Suite
In 2024, Float expanded its offerings to include:
See: Loop & EQ Bank Launch Multi-Currency Card for Canadian SMEs
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- Corporate cards in CAD and USD
- High-yield accounts
- Next-day fund transfers and payments
Tools for automating accounts payable and expense management
3. Growth Vision
Rob Khazzam, Float Financial CEO:
“Our financial system needs to match the speed and ambition of Canadian businesses if we want to thrive locally and compete globally. Float’s mission is simple: cut through the red tape and give businesses the financial tools they need to move faster. To access more opportunities. And to do it all easily, with the click of a button,”
Outlook
With support from major investors like Goldman Sachs and impressive growth metrics and vision, Float Financial's latest CAD $70 million Series B reflects the increasing demand for modern financial tools that are tailored for business and niche needs in a rapidly evolving fintech market.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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