Secured $70 million in Series B funding, primarily led by Goldman Sachs Alternatives
Float Financial Secures $70 Million in Series B Financing Round
Float Financial, a Toronto-based fintech company specializing in corporate credit cards, has secured a $70 million Series B financing round led by Goldman Sachs Alternatives. This significant investment round, announced on January 13, 2025, will fuel the company's growth and competitive positioning in the financial technology sector.
The financing round, which also included participation from OMERS Ventures, FJ Labs, Teralys, and existing investor Garage Capital, will be used to expand Float Financial's leadership in the Canadian market, advance product development, and support talent management initiatives.
Goldman Sachs, an American investment bank headquartered in New York City, offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. Their division, Goldman Sachs Growth Equity ("GS Growth"), focuses on investments in growth stage and technology-driven companies.
By leading the Series B round, Goldman Sachs Alternatives brings not only a substantial capital infusion but also expertise and a vast network that will help Float Financial expand aggressively. This strategic move positions the company to innovate, scale operations, and potentially explore additional markets or product lines, following a model similar to other successful fintech firms backed by high-profile investors.
The Hoskin & Harcourt LLP team, consisting of Chad Bayne, Ryan Unruch, Elizabeth Sale, Jennifer Humphrey, Bryan Salazar Roldan, and Alyn Nanji (Emerging and High Growth Companies), advised Float Financial in the Series B financing round.
Float Financial's corporate credit cards are designed to automatically maintain the desired balance on corporate cards. The cards, issued by Visa, integrate with corporate bank accounts, providing a seamless financial solution for businesses.
With this substantial investment, Float Financial is poised to strengthen its market position and continue its growth trajectory in the competitive fintech space.
- Float Financial, a high-growth company in the fintech industry, will use the $70 million Series B financing round to expand its business operations, advance product development, and support talent management initiatives, aiming to further establish itself as a leader in the Canadian market.
- The financing round was led by Goldman Sachs Alternatives, a division of Goldman Sachs known for focusing on investments in growth stage and technology-driven companies, bringing not only a substantial capital infusion but also expertise and a vast network to help Float Financial scale operations and potentially explore new markets or product lines.
- By investing in Float Financial, the firm joins other notable investors such as OMERS Ventures, FJ Labs, Teralys, and Garage Capital, positioning the company to innovate, compete, and potentially emulate the success of other fintech firms backed by high-profile investors.
