Float Financial has always understood something most banks forgot somewhere between mahogany desks and hold music. Cash is not supposed to sit still. It is supposed to move, earn, cover ground, and...
Float Financial has always understood something most banks forgot somewhere between mahogany desks and hold music. Cash is not supposed to sit still. It is supposed to move, earn, cover ground, and give operators room to breathe. This week, the Toronto-built fintech put real weight behind that philosophy, locking in nearly CAD $100 million in fresh non-dilutive debt to expand how Canadian businesses spend, save, and stay liquid without begging for permission.
The headline is simple but the subtext is sharp. Silicon Valley Bank, now part of First Citizens, put up CAD $75 million. A tier one Canadian Schedule I bank added another CAD $20 million. No dilution. No victory lap. Just balance sheet muscle aimed directly at deposits and working capital, with a clear target of unlocking more than CAD $1.5 billion in annualized spending power for customers who already know time is the most expensive line item on the P&L.
Float Financial did not arrive here by accident. Founded by Griffin Keglevich and Ruslan Nikolaev after grinding through customer interviews instead of pitch decks, the company stayed obsessively Canada-first. Ruslan Nikolaev brought the dual discipline of computer science from University of Waterloo and business from Wilfrid Laurier University. Griffin Keglevich engineered the rails. Rob Khazzam joined in 2021 with Uber scars and operator instincts, turning product clarity into market velocity. That trio built a platform that feels less like banking and more like financial gravity control.
Today, more than 6,000 Canadian businesses run spend through Float Financial. Revenue is growing roughly 70 percent year over year. Customer count is up 60 percent. Since Series A, payment volume grew 45x, revenue 50x, and credit issuance 140x. Those numbers do not come from noise. They come from speed, from one day approvals, from no personal guarantees, from month end closes that move eight times faster than the old way.
The new capital keeps Float Financial’s business accounts paying up to 4 percent interest even as rates slide. It fuels Float Charge, the interest free working capital product that lets operators buy time without selling equity or sweating covenants. It reinforces a strategy Andrew Dale helped scale before shifting into an advisory role, now carried forward operationally with Grayson Morley stepping in as Chief of Staff to keep execution tight as headcount pushes past 150.
There is a reason Goldman Sachs Growth Equity led the Series B last year. There is a reason SVB keeps extending trust. Float Financial is not trying to sound bigger than the banks. It is quietly outmaneuvering them, letting money float where it actually works, and daring Canadian operators to expect more from the institutions that hold their cash.