Float Secures Close to $100M in Funding to Unlock Over $1.5B in Spending Power for Canadian Businesses

New funding from world-class financial institutions, including Silicon Valley Bank, empowers Float to offer the best rates in Canada with up to 4% interest, alongside expanded working capital solutions.

TORONTO--(BUSINESS WIRE)--Float Financial ("Float"), Canada's leading business finance platform, today announced it has secured nearly $100 million CAD through two debt facilities from Silicon Valley Bank (SVB), a division of First Citizens Bank, and a tier-1 Canadian bank. Despite a year of consecutive interest rate cuts from the Bank of Canada, the facilities enable Float to continue offering up to 4% interest on every dollar, the best interest rates in Canada. It also positions Float to scale its Charge product, extending flexible working capital to thousands more Canadian businesses and unlocking north of $1.5B in annualized spending power.

The funding comes as Canadian businesses navigate a critical inflection point. A recent Float report revealed that while revenues rose 5% in 2025, rising costs compressed margins and companies avoided new debt despite clear growth opportunities, creating a capital confidence gap. Canada's economy grew just 1.2% last year, marking three consecutive years of below-potential growth. Yet Canadian businesses proved resilient through tariff shocks, inflation and uncertainty. This puts Canadian businesses at a crossroads in 2026: continue defensive positioning or shift to intentional growth through smarter capital access and better financial tools.

“Float is bullish where others may be bearish. We're betting on Canadian businesses,” said Rob Khazzam, Co-Founder and CEO of Float. “We've secured nearly $100 million to inject capital directly into the Canadian economy, enabling us to offer interest rates up to 4% on business accounts, expand credit products and deliver the financial tools these businesses need and deserve to drive intentional growth.”

Float is using the facilities to enhance its Business Account product, continuing to offer interest rates up to 4%—the highest available in Canadian business banking—while boosting base rates from 2% to 3% on every dollar. Unlike traditional business accounts that force trade-offs between liquidity and returns, Float Business Accounts combine chequing account flexibility with savings account returns. Customer funds are also protected by CDIC insurance up to $100,000 CAD and held in segregated trust accounts at a tier-1 Canadian bank. Since launching in September 2025, the product has gained strong traction, with nearly two-thirds of customers stating that they prefer to hold their business cash in Float over traditional banks.

“With its innovative platform and suite of financial products, Float aims to deliver industry-leading rates to help local businesses and, in turn, bolster growth across the Canadian economy,” said Brian Foley, Market Manager, National Fintech group at Silicon Valley Bank, a division of First Citizens Bank. “Silicon Valley Bank is excited to provide Float with this facility and support their mission to help local Canadian businesses succeed and scale.”

The debt facilities will also fuel Float's expanding suite of financial products, including corporate cards with credit limits up to $3 million, approvals in as little as one day and no personal guarantees required. Float's integrated platform combines corporate cards, automated expense management, bill pay, reimbursements, foreign exchange and high-yield business accounts into a single solution built specifically for Canadian businesses.

The announcement comes amid strong momentum for Float, the fastest-growing fintech in Canada which now serves over 6,000 Canadian businesses across technology, professional services, hospitality, retail and non-profit sectors. The backing from world-class banks like Silicon Valley Bank reflect institutional confidence in both Float's growth trajectory and the broader potential of Canadian businesses.

Float raised a $70 million Series B led by Goldman Sachs Alternatives in January 2025 and ranked among Canada's fastest-growing companies, including #4 on the Globe and Mail's Top Growing Companies, #9 on the Deloitte Technology Fast 50, and #23 on the Deloitte Technology Fast 500.

About Float Financial

Float is the financial home for Canadian businesses to move, manage and multiply their money. From high-limit corporate cards and automated expense management to bill payments, foreign exchange, and business banking, Float brings essential financial tools into one friction-free platform. Trusted by more than 6,000 Canadian companies, Float delivers world-class technology and fast, friendly support—built in Canada to power the next generation of growth.

For more information, visit floatfinancial.com.

About Silicon Valley Bank

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.