Float Financial, a Canadian business finance platform, has secured nearly CAD 100 million through two debt facilities from Silicon Valley Bank (SVB), a division of First Citizens Bank, and a tier-1 Canadian bank, to expand its lending capabilities and maintain high-yield business accounts for Canadian enterprises. This funding aims to support Canadian businesses amidst a challenging economic environment.
The financing will enable Float to continue offering up to 4% interest on its business accounts, which it states are the highest available in Canada. It will also support the expansion of its Charge product, aiming to provide flexible working capital to thousands more Canadian businesses and unlock over CAD 1.5 billion in annualized spending power.
This funding comes as Canadian businesses face economic challenges, including a 1.2% economic growth last year, marking three consecutive years of below-potential growth. A recent Float report indicated that while revenues grew 5% in 2025, rising costs compressed margins, leading companies to avoid new debt despite growth opportunities. Rob Khazzam, Co-Founder and CEO of Float, stated, “Float is bullish where others may be bearish. We’re betting on Canadian businesses.” He added, “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 will utilize the facilities to enhance its Business Account product, maintaining interest rates up to 4% and boosting base rates from 2% to 3%. The product aims to combine chequing account flexibility with savings account returns. Customer funds are protected by CDIC insurance up to CAD 100,000 and held in segregated trust accounts at a tier-1 Canadian bank. Since its launch in September 2025, the Business Account has gained traction, with nearly two-thirds of customers reportedly preferring it over traditional bank accounts for holding business cash.
The debt facilities will also support Float’s expanding suite of financial products, including corporate cards with credit limits up to CAD 3 million, offering approvals within one day and requiring no personal guarantees. Float’s integrated platform combines corporate cards, automated expense management, bill pay, reimbursements, foreign exchange, and high-yield business accounts into a single solution. Brian Foley, Market Manager, National Fintech group at Silicon Valley Bank, commented, “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. Silicon Valley Bank is excited to provide Float with this facility and support their mission to help local Canadian businesses succeed and scale.”
This announcement follows a period of growth for Float, which is described as the fastest-growing fintech in Canada. The company currently serves over 6,000 Canadian businesses across various sectors, including technology, professional services, hospitality, retail, and non-profit. Float previously raised a CAD 70 million Series B round led by Goldman Sachs Alternatives in January 2025 and has been recognized among Canada’s fastest-growing companies, ranking #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.
