Float Financial announced it has secured close to C$100 million through two debt facilities from Silicon Valley Bank, a division of First Citizens Bank, and an unnamed tier-1 Canadian bank, positioning the company to expand its business banking and credit offerings for Canadian companies.
The financing is designed to help Float sustain what it says are the best rates in Canadian business banking, with interest of up to 4% on balances, while also scaling its Charge product to extend flexible working capital and unlock more than $1.5 billion in annualized spending power for Canadian businesses.
The company framed the raise as a response to a cautious operating environment for Canadian firms. Float cited its own report indicating revenues rose 5% in 2025, but higher costs compressed margins and many companies avoided taking on new debt despite growth opportunities. Float also pointed to Canada’s 1.2% economic growth last year, describing a multi-year period of below-potential expansion that has left businesses weighing defensive cost management against renewed investment.
Float said the new facilities will support enhancements to its Business Account product, including continuing to offer interest rates up to 4% and increasing base rates from 2% to 3% on every dollar.
The company positioned the accounts as combining chequing-style liquidity with savings-style returns, and said customer funds are protected by CDIC insurance up to C$100,000 and held in segregated trust accounts at a tier-1 Canadian bank. Since launching the product in September 2025, Float has reported strong adoption, with nearly two-thirds of customers indicating they prefer holding business cash with Float rather than traditional banks.
Beyond deposit accounts, Float said the facilities will help accelerate product expansion across its platform, including corporate cards with credit limits up to $3 million, approvals in as little as one day, and no personal guarantees required. The broader suite also includes automated expense management, bill pay, reimbursements, foreign exchange, and high-yield business accounts, all packaged as a single offering tailored to Canadian businesses.
Float described itself as Canada’s fastest-growing fintech and said it now serves more than 6,000 businesses across sectors, including technology, professional services, hospitality, retail, and nonprofits. The company also highlighted its prior equity financing and growth recognition, including a $70 million Series B led by Goldman Sachs Alternatives in January 2025, along with placements on national and global growth rankings.
KEY QUOTES
“Float is bullish where others may be bearish. We’re betting on Canadian businesses.”
Rob Khazzam, Co-Founder and CEO of Float
“Float is bullish where others may be bearish. We’re betting on Canadian businesses,” said Rob Khazzam, Co-Founder and CEO of Float. “We’ve secured nearly $100 million to inject capital directly into the Canadian economy, enabling us to offer interest rates up to 4% on business accounts, expand credit products and deliver the financial tools these businesses need and deserve to drive intentional growth.”
Rob Khazzam, Co-Founder and CEO of Float
“With its innovative platform and suite of financial products, Float aims to deliver industry-leading rates to help local businesses and, in turn, bolster growth across the Canadian economy,” said Brian Foley, Market Manager, National Fintech group at Silicon Valley Bank, a division of First Citizens Bank. “Silicon Valley Bank is excited to provide Float with this facility and support their mission to help local Canadian businesses succeed and scale.”
Brian Foley, Market Manager, National Fintech Group at Silicon Valley Bank, a Division of First Citizens Bank
