Toronto-based Float Financial Solutions Inc. says it has signed a $70 million financing round led by Goldman Sachs’ growth equity division.
The business finance platform says the series B financing also includes funding from OMERS Ventures, FJ Labs, Teralys and existing investor Garage Capital.
It says the financing adds to a $50 million credit facility it secured in February last year from Silicon Valley Bank, which has since been taken over by First Citizen Bank. Float raised US$30 million in a series A financing in 2021.
Float offers financial services for businesses including expense management software and corporate credit cards, while it says it plans to use the latest funding to broaden its product suite and attract talent.
The company,founded in 2019 by University of Waterloo grads, says it serves more than 3,000 business clients including Jane Software, LumiQ and Knix.
Other fintechs competing in the space include U.S.-based Brex Inc., Ramp Business Co. and Jeeves Inc., all of which have raised money at valuations in the billions of dollars.
This report by The Canadian Press was first published Jan. 13, 2025.
