Toronto-based FinTech Float Financial has secured close to $100M in debt financing to expand its credit products and increase financial flexibility for small and medium-sized businesses across Canada.
The new facilities include $75M from Silicon Valley Bank, now part of First Citizens Bank, and an additional $20M from an undisclosed Canadian Schedule I bank.
Expanding Capital Access Without Dilution
Float says the debt capital is designed exclusively to support customer usage, not to fund internal operations. The financing will allow the company to continue offering up to 4% interest on customer balances and scale its interest-free credit products for SMEs.
According to co-founder and CEO Rob Khazzam, the capital enables Canadian businesses to deploy funds more flexibly at a time when margins are under pressure and operating costs are rising.
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Building A Modern Financial Stack For SMEs
Founded in 2019, Float provides expense management tools tailored to Canadian businesses, including corporate cards, spend controls, accounting integrations, and expense tracking software.
In 2025, the company expanded into chequing-style business accounts, signalling a broader push into SME banking. The firm positions itself as an alternative to traditional banks, which many Canadian businesses say fail to meet their needs around automation, pricing, and access to capital.
The platform now serves more than 6,000 Canadian companies, including high-growth tech firms such as Cohere, Neo, and Jane Software. Float is registered as a money services business with FINTRAC.
Strong Growth Amid A Challenging Market
The company reports that its customer base grew by 60% year over year, while revenue increased by approximately 70%. The launch of business accounts has been a major driver of adoption, offering SMEs an alternative to legacy banking products.
Data from Float’s latest State of Canadian Business Report shows that while average revenues increased in 2025, rising costs reduced profitability and slowed investment in growth. Float positions its products as a way for businesses to preserve flexibility and liquidity in this environment.
Scaling Interest-Free Credit
A significant portion of the new debt will be used to expand Float Charge, the company’s interest-free credit product that allows businesses to spend and repay on short cycles without personal guarantees.
Float previously secured a $50M credit facility in 2024, following an earlier $10M debt line raised alongside its Series A in 2021. Demand for the Charge product continues to grow, and the new facilities will allow Float to onboard more customers and increase credit limits for existing ones.
Hiring And A Canada-First Strategy
Float currently employs around 150 people and plans to hire an additional 50–60 team members over the next year, primarily across product, engineering, data, and design roles.
Despite increased competition from US-based spend management platforms entering Canada, Float says it remains focused exclusively on the Canadian market, with no immediate plans for international expansion.
According to Khazzam, the company’s long-term ambition is aligned with strengthening Canada’s SME ecosystem rather than scaling globally.
About Float
Float is a Canadian FinTech company building modern financial tools for small and medium-sized businesses. Its platform combines expense management, corporate cards, interest-bearing accounts, and flexible credit products, helping Canadian companies save time, control spending, and access capital without relying on traditional banks.
