Float secures CA$50m funding from Silicon Valley Bank

Float has access to financing to expand its Charge Card programme, which reached nearly 300% year-on-year payment volume growth in 2023

Canada-based Float, a corporate card and spend management platform, has secured CA$50m (US$36m) in financing to accelerate its growth.  

The credit facility is in partnership with Silicon Valley Bank (SVB), a division of First Citizens Bank.  

Under the terms of the deal, Float has access to financing to expand its Charge Card programme, which reached nearly 300% year-on-year payment volume growth in 2023. 

The growth followed the expansion of Float’s business finance platform to serve midmarket Canadian companies across industry sectors including technology, media and manufacturing.  

Rob Khazzam, chief executive officer at Float, said: “At a time when other financial institutions are pulling back on serving Canadian small and medium businesses, our partnership with SVB is a powerful reflection of the strength of Float’s vision, strategic direction and hyper-growth in 2023.”  

He added that the milestone deal required a partner with deep tech roots and experience with companies on a fast scaling trajectory.   

Brian Foley, market manager for Silicon Valley Bank’s Warehouse and Fintech group, said: “Float is challenging the status quo when it comes to providing payment solutions for Canadian companies and teams.  

“Our strong partnership demonstrates SVB’s commitment in helping fintech companies succeed and scale. We’re thrilled to be a part of Float’s growth and bolster its expansion across the country.”  

Erin Bury, co-founder and chief executive officer at Willful, an online estate planning company, commented: “Float’s Charge Card product, and Float’s business finance platform more broadly, has transformed the way we handle payments and expenses.  

“Their focus on product innovation and customer satisfaction sets them apart in Canada, and has helped us to drive efficiency at Willful.” 

Image: Float

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.