Float announces $85-million Series C round to support AI push

By June 25, 2026
A pair of boots resting on a chair with the Float logo in the background.
Fast-growing Toronto FinTech now serves more than 7,500 Canadian businesses.

Toronto-based FinTech firm Float Financial announced an $85-million CAD Series C round on Wednesday that will help fuel the company’s geographic expansion and AI investment plans.

The news: The business finance platform has closed $75 million of the all-equity, all-primary capital round to date, and expects to secure the remaining $10 million over the next few weeks. Inovia Capital is leading Float’s Series C, with support from fellow new investors BDC Capital and Northleaf Capital Partners, and existing backers Goldman Sachs Alternatives and Garage Capital.

The predominantly Canadian round will bring Float’s total equity and debt funding to $300 million. Float plans to use the money to advance its AI capabilities, expand across Western Canada and QuĂ©bec, and grow its 170-person team.

From the source: The Series C round gives Float a $550-million post-money valuation, a 70-percent jump compared to the FinTech firm’s $70-million Series B in December 2024. Since then, Float has doubled its active customer base to more than 7,500 Canadian businesses, its revenue (which it did not disclose) has grown over 120 percent, and its business account balances have more than quadrupled. Last September, The Globe and Mail ranked Float as Canada’s fastest-growing FinTech firm.

RELATED: Float launches agentic AI solution for corporate credit cards

Following the thread: Founded in 2019, Float got its start helping Canadian small and medium-sized businesses, many of which felt underserved by traditional banks, manage their spending through corporate cards and expense management software. It has since moved into other areas, from bill payments to business accounts and credit—which it secured $100 million in debt to support earlier this year.

Final thought: AI is a core part of Float’s vision, both internally and externally. In a news release, Float co-founder and CEO Rob Khazzam said the company has spent the past five years building the financial infrastructure, licences, and products that Canadian businesses require. He described Float Intelligence, which the company launched in April and has been embedding across its clients’ daily finance workflows, as “the AI layer that puts it all to work.” 

Feature image courtesy Float Financial.

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