Float Raises Nearly $100M to Expand Business Spending Power in Canada

Canadian business financing doesn’t usually generate splashy headlines. It’s traditionally conservative, bank-led, and built around long-standing underwriting models that prioritize stability over speed. That’s why Float’s announcement that it has secured close to $100 million in funding stands out.

This raise isn’t just about growth capital, it’s about momentum in a market that has historically moved cautiously when it comes to fintech-led business funding.

A Different Kind of Capital Raise

Float’s funding combines equity and credit capacity designed to unlock more than $1.5 billion in spending power for Canadian businesses. Rather than positioning itself as a traditional lender, Float operates at the intersection of spend management software, corporate cards, and embedded credit.

The distinction matters. Instead of asking businesses to apply for loans during moments of stress, Float embeds access to capital directly into the tools companies already use to manage expenses and cash flow. That model shifts financing from a reactive event to an operational feature.

Why Canada Is Ready for This Model

Compared to the U.S., Canada’s business funding ecosystem has fewer large-scale fintech lenders and a heavier reliance on major banks. While that has provided stability, it has also limited flexibility for fast-growing or digitally native companies.

Over the last few years, that gap has become more visible. Canadian businesses increasingly operate globally, rely on cloud-based tools, and expect faster financial decisioning. Float’s rise reflects that shift, offering a platform that complements existing bank relationships rather than replacing them.

This “layer on top” approach has proven effective in other markets, and Float appears to be executing it with a distinctly Canadian sensibility.

Spending Power Over Loan Size

One of the more telling details in Float’s announcement is how it frames impact. Instead of emphasizing loan balances or credit limits, the company highlights usable spending power.

That framing aligns with how businesses actually operate. Most companies don’t think in terms of borrowing—they think in terms of whether they can pay vendors, manage payroll timing, and fund growth without friction. By focusing on day-to-day liquidity rather than one-time financing events, Float positions itself closer to operations than to traditional lending.

A Broader Signal in Canadian Fintech

Float’s funding round also points to a broader trend: capital providers are increasingly willing to back Canadian fintechs that blend software and finance into a single product experience.

While banks will remain central to business lending in Canada, platforms like Float suggest that the next phase of growth will come from tools that make capital feel less like a transaction and more like infrastructure.