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Canadian spend management firm Float seals $30 million funding round

Source: Float

Float has closed US$30M in Series A financing led by Tiger Global. This new round of capital will help them further invest in their goal of creating Canada’s best corporate card and all-in-one spend management software.

Thanks to Float’s loyal and supportive customers, Float is now one of the fastest-growing companies in Canada. Since their public launch earlier this year, they’ve seen hundreds of companies adopt Float for business spending. Moreover, they’ve seen engagement on the platform skyrocket. The total payment volume on Float has increased ~20x since their seed financing in June 2021, and an average monthly customer spend has increased more than 6x since Float’s public launch in March 2021. None of this would be possible without their amazing customers, many of whom have played a major part in helping develop new products and features. Float look forward to delivering even better service to it’s customers over the coming months and years.

Float’s Vision & Mission

Float’s vision is to deliver an end-to-end business spending platform for small and medium-sized businesses. They want this platform to enable businesses and teams to focus on investing in their growth and eliminate the need to use different banking and software tools to make day-to-day payments. One of Float’s first customers said it best — “It’s hard enough to run a business, let alone figure out how to spend the money in our bank account.” We believe a lot of businesses share this sentiment, which is why Float’s mission is to simplify spending for companies and teams.

The Problem Float Solves

The pain point that Float is solving has been top of mind for Canadian businesses and their teams for years, and yet largely ignored by existing market players. There are over one million companies in Canada spending nearly $3T per year and the process of getting a corporate card continues to be incredibly difficult for small-to-medium sized businesses. Despite being the number one preferred method of payment for ~80% of Canadian businesses, it still takes 4+ weeks to get approved and an endless number of forms required. If you’re lucky enough to get approved, you’ll likely get a card with stifling limitations — low limits, high FX fees, personal guarantees and the inability to share these cards with your broader workforce. And that’s just to spend! After all of that, you’re still left to find a way to systematize expense reports, receipt collection, month-end accounting reconciliation and more. Yuck.

Enter Float

Float’s mission is to simplify spending for companies and teams. Offering Canada’s first high-limit, no personal guarantee corporate card and enable any business to start spending in 3 business days or less. Most importantly, Float’s product is digital-first and empowers businesses and their teams to take control of how they spend. Administrators can create and cancel cards on the fly, set custom spending limits and assign cards to individuals on their team. Employees can request spend using Float directly from Slack, while managers can review and approve spend in real time. Float also speeds up the month-end closing process by natively integrating with popular accounting software such as QuickBooks and Xero. Lastly, Float offers 1% cashback on all transactions. That’s right - real cash in your account, no tricks or gimmicks.

Excited About Our Mission?

Float is run by a passionate and mission-driven team that is focused on delivering world-class experiences to its customers. Their culture is dynamic, fast-paced and execution-oriented. Float think they’re a great fit for talented people who want to operate with a high degree of ownership and accountability and always put customers first. They’re now hiring across major business functions!

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