Toronto's Float Raises $85 Million CAD at $550 Million Valuation to Build AI Into the Core of Canadian Business Finance
Toronto-based Float Financial closed an $85 million CAD Series C round on June 25, 2026, led by Inovia Capital with participation from BDC Capital, Northleaf Capital Partners, and existing backers Goldman Sachs Alternatives and Garage Capital. The round values Float at $550 million - a 70% jump from its $70 million Series B valuation in December 2024. The company has doubled its active customer base to more than 7,500 Canadian businesses in 18 months and grown revenue by more than 120%.
The all-equity, all-primary capital 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 Québec, and grow its 170-person team. Float co-founder and CEO Rob Khazzam described Float Intelligence, the company's AI layer launched in April and embedded across clients' daily finance workflows, as "the AI layer that puts it all to work."
What Float Intelligence Actually Does
Float started as a corporate card and expense management platform for Canadian SMBs - businesses that felt underserved by traditional banks. Over five years it expanded into bill payments, business accounts, and credit. Float Intelligence is the AI layer built on top of that financial infrastructure.
Founded in 2019, Float got its start helping Canadian small and medium-sized businesses manage their spending through corporate cards and expense management software. It has since moved into bill payments, business accounts and credit. Float launched Float Intelligence in April and has been embedding it across its clients' daily finance workflows. Khazzam said the company has spent the past five years building the financial infrastructure, licences, and products that Canadian businesses require, describing Float Intelligence as the AI layer that puts it all to work.
The key advantage Float has over generic AI tools is data context. The company's AI layer operates directly within the financial data its clients generate daily - transaction records, spending patterns, cash flow histories, vendor payments. That proprietary data context is precisely what makes enterprise AI effective in financial applications, and it is data that external AI tools cannot access.
Why This Matters for Canadian Business Finance
Float is competing in a market where Canadian SMBs have historically been underserved by traditional banks and overlooked by US fintech platforms that default to American financial infrastructure. The company has positioned itself as the Canadian-built, Canadian-focused alternative.
The Globe and Mail ranked Float as Canada's fastest-growing FinTech firm in September 2025. Since the Series B in December 2024, Float has doubled its active customer base to more than 7,500 Canadian businesses, revenue has grown over 120%, and business account balances have more than quadrupled.
For business leaders tracking AI for finance applications, Float's trajectory illustrates a pattern that is increasingly common in Canadian fintech: the companies generating the strongest growth are not the ones bolting AI onto existing products, but the ones that built the data infrastructure first and are now adding AI as the intelligence layer on top of it.
The predominantly Canadian investor base - Inovia, BDC Capital, Northleaf, Goldman Sachs Alternatives - signals genuine institutional confidence in Float's market position. BDC Capital and Northleaf in particular are strategic investors that bring government-backed capital and institutional LP relationships, which supports Float's expansion plans beyond its Ontario base into Western Canada and Quebec.
Cut Through the Noise
What did Float Financial raise and what will it use the money for?
Toronto-based Float Financial raised $85 million CAD in a Series C round on June 25, 2026, led by Inovia Capital with BDC Capital, Northleaf Capital Partners, Goldman Sachs Alternatives, and Garage Capital. The round values Float at $550 million. The capital will fund Float Intelligence AI development, geographic expansion into Western Canada and Quebec, and team growth from 170 employees. Total funding reaches $300 million including equity and debt.
What is Float Intelligence?
Float Intelligence is Float's AI layer launched in April 2026 and embedded across clients' daily finance workflows. It operates within Float's existing corporate card, expense management, bill payment, and business account infrastructure - using the financial data clients already generate on the platform to provide AI-powered insights, automation, and financial decision support.
How fast has Float grown?
Since its $70 million Series B in December 2024, Float has doubled its active customer base to more than 7,500 Canadian businesses, grown revenue by over 120%, and quadrupled its business account balances. The Globe and Mail ranked Float as Canada's fastest-growing FinTech firm in September 2025. The $550 million Series C valuation represents a 70% jump from the Series B valuation in 18 months.
Who invested in Float's Series C?
Inovia Capital led the round. New investors include BDC Capital (Business Development Bank of Canada's venture arm), Northleaf Capital Partners, and Seligman Ventures. Existing investors Goldman Sachs Alternatives and Garage Capital also participated. The predominantly Canadian investor base reflects Float's positioning as a Canadian-built platform for Canadian businesses.
