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Canadian Fintech Float Accelerates Expansion with $37M Credit Facility from Silicon Valley Bank

In a groundbreaking deal poised to reshape the landscape of corporate finance technology in Canada, Toronto-based fintech startup Float has announced a substantial $37 million (approximately CAD 50 million) credit facility from Silicon Valley Bank (SVB), a division of First Citizens Bank. This strategic financial infusion is earmarked to supercharge Float’s growth trajectory, focusing on the expansion of its pioneering Charge Card program.

A Leap Towards Financial Innovation

Empowering SMBs with Enhanced Spending Capacity

Float, renowned for its corporate card and expense management solutions, has set a new benchmark in financial services for Canadian small and medium-sized businesses (SMBs). The company’s Charge Card program, distinct for offering spending limits significantly higher than traditional bank credit cards, reported a staggering 300% growth in payment volume in 2023. This facility is designed to further fuel this momentum, catering to the pressing needs of SMBs for more substantial financial resources.

Strategic Collaboration for Growth

The collaboration between Float and SVB is not new; however, this latest deal marks a significant milestone. Rob Khazzam, CEO of Float, emphasized the importance of this credit facility as a testament to their innovative financial solutions and SVB’s confidence in their vision. The partnership is especially notable at a time when financial institutions are increasingly cautious about their engagements with SMBs.

Brian Foley, Market Manager for SVB’s warehouse and fintech group, highlighted the partnership as a demonstration of SVB’s enduring commitment to supporting fintech companies in their scaling efforts. This deal is a continuation of the relationship established in late 2021 when Float secured $10 million in debt financing from SVB as part of its Series A funding round.

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Canadian Fintech Float
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Float’s Evolution and Vision

Innovating Canadian Business Finance

Founded in 2019, Float has rapidly emerged as a leader in simplifying corporate expenditures. The company integrates corporate cards with spend management software, offering real-time visibility and control over business spending. This solution has proven invaluable for finance teams, enabling them to manage, track, and reconcile expenses effectively.

Expanding Beyond Tech Startups

Float’s services have been instrumental for over 3,000 Canadian businesses, transcending sectors and sizes. Initially focused on tech startups, Float’s clientele now includes a diverse range of industries, from hospitality to retail, highlighting its broad appeal and utility. Despite the challenging market conditions, Float continues to witness substantial growth, underscoring the pervasive demand for innovative financial management tools.

Looking Ahead: A Focus on Canadian Expansion

While Float has garnered attention for its potential to expand internationally, the company remains focused on deepening its roots in the Canadian market. With less than one percent market penetration, the opportunity for growth within Canada is vast. Float’s mission extends beyond technology firms, aiming to cater to the broader spectrum of Canadian businesses in need of modern financial solutions.

A Catalyst for Future Growth

The $37 million credit facility from SVB is more than a financial transaction; it’s a catalyst that will enable Float to amplify its impact on the Canadian economy. By providing SMBs with the tools and resources needed to thrive, Float is not just navigating the present economic landscape but shaping the future of fintech innovation in Canada.


Float’s recent financial milestone with Silicon Valley Bank is a testament to the fintech firm’s innovative approach to corporate finance. As Float continues to expand its offerings and solidify its position in the market, the future looks promising for Canadian SMBs seeking flexible and efficient financial solutions.

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