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Float Partners with Silicon Valley Bank, a division of First Citizens Bank, Secures C$50 Million in Financing to Accelerate Growth
Wednesday, February 21, 2024
TORONTO, Feb. 13, 2024 /CNW/ - Float, one of Canada's fastest growing fintechs, has kicked off 2024 with an aggressive expansion plan and the backing of a C$50 million credit facility in partnership with Silicon Valley Bank (SVB), a division of First Citizens Bank.
Under the terms of the deal, Float CEO Rob Khazzam confirms the company has access to C$50 million to expand its innovative Charge Card program, which achieved nearly 300% YOY payment volume growth in 2023. This growth has been fueled by Float's expansion of its business finance platform to serve midmarket Canadian companies across industry sectors including technology, media, manufacturing and CPG, reinforcing its position as a challenger to traditional financial institutions.
Milestone Deal Enables Accelerated Expansion
"At a time when other financial institutions are pulling back on serving Canadian SMBs, our partnership with SVB is a powerful reflection of the strength of Float's vision, strategic direction and hyper-growth in 2023," explains Khazzam, adding that the milestone deal required a partner with deep tech roots and experience with companies on a fast-scaling trajectory.
"Float is challenging the status quo when it comes to providing payment solutions for Canadian companies and teams. Our strong partnership demonstrates SVB's commitment in helping fintech companies succeed and scale. We're thrilled to be a part of Float's growth and bolster its expansion across the country." said Brian Foley, Market Manager for Silicon Valley Bank's Warehouse and Fintech group.
"Float's Charge Card product, and Float's business finance platform more broadly, has transformed the way we handle payments and expenses," said Erin Bury, Co-Founder and CEO of Willful, an online estate planning company. "Their focus on product innovation and customer satisfaction sets them apart in Canada and has helped us to drive efficiency at Willful."
Since it launched as a payments and software platform for Canadian businesses in 2022, Float's Charge Card product has seen exceptional adoption, with the launch of credit limits in both CAD and USD, and 7x customer growth since its introduction, says Khazzam. In 2024, Float will continue to expand its footprint with new payment and software solutions purpose-built for Canadian companies.
About Float
Float's mission is to simplify spending for Canadian companies and teams. Its flagship business finance platform pairs smart corporate cards with intelligent spend management software, giving Canadian finance teams real-time visibility over company spending with the ability to spend, track, approve, and reconcile CAD and USD expenses in real-time, in one platform. Float serves thousands of Canadian businesses from SMBs to household name brands. To learn more visit www.floatcard.com.
SOURCE Float
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