Canada Funding

Canadian Corporate Card Startup Float Secures US$30 Million Series A

Float, a Canadian all-in-one corporate card and spend management solution, announced that it has closed US$30 million in Series A financing led by Tiger Global.

Other investors include Golden Ventures, Susa Ventures, Global Founders Capital, Michael Hyatt, and A-Star.

The round was also joined by angel investors Michael Katchen (Wealthsimple), Andrew Macdonald (Uber), Kirk Simpson (Wave HQ), Les Whiting (H&R Block), Brent Belzberg (TorQuest Partners), Russ Jones (Olo), Jamie McDonald (A2X), Anshul Ruparell and Rhianna Brancato from Properly, Richard Seibel as well as Dan Park (Clutch).

Since Float’s public launch earlier this year in March 2021, the firm reported that its average monthly customer spend has increased more than 6 times.

Meanwhile, its total payment volume on Float has increased by approximately 20x since its US$5 million seed financing in June 2021 co-led by Susa Ventures and existing investor Golden Ventures.

Rob Khazzam

Rob Khazzam, Co-Founder and CEO of Float said in a post,

“Since our public launch earlier this year, we’ve seen hundreds of companies adopt Float for business spending. Moreover, we’ve seen engagement on the platform skyrocket.

None of this would be possible without our amazing customers, many of whom have played a major part in helping us develop new products and features. We look forward to delivering even better service to our customers over the coming months and years.”