Canada’s Float bags $37m credit facility from Silicon Valley Bank
Canadian corporate card and expense management platform Float has secured a $37 million (CAD 50 million) credit facility from Silicon Valley Bank (SVB), a division of First Citizens Bank, to accelerate the firm’s growth.
Float secures $37 million credit facility
Toronto-based fintech Float says the new facility will be used to expand its Charge Card programme.
The company claims that its Charge Card offering grants customers spending limits five to ten times higher than regular bank credit cards and achieved 300% payment volume growth in 2023.
According to the fintech, the platform provides Canadian finance teams with “real-time visibility over company spending”, and gives them the ability to authorise, spend, reconcile, and monitor expenses in both CAD and USD within a single platform.
Float CEO Rob Khazzam states that the new facility is a “milestone deal” for the company, adding that the partnership comes at a time when “other financial institutions are pulling back on serving Canadian SMBs”.
Brian Foley, market manager for Silicon Valley Bank warehouse and fintech group, a division of First Citizens Bank, claims the partnership “demonstrates SVB’s commitment in helping fintech companies succeed and scale”.
Float’s recent credit facility comes just over two years since the firm secured $30 million (CAD 37 million) in a Series A round led by US-based investor Tiger Global in 2021.
