Float, co-founded by former computer science students Griffin Keglevich and Ruslan Nikolaev (BCS ‘20), has closed an $85M CAD all-equity Series C funding.

This round was led by Inovia Capital, with continued participation from Goldman Sachs Alternatives and Garage Capital, and new investment from BDC Capital and Northleaf.

Float, which has its roots in Waterloo’s flagship incubator Velocity, is one of Canada’s top fintech companies. Its goal is to simplify financial operations for small and medium-sized enterprises in Canada. Unfortunately, many financial tools are ill-suited to Canada’s regulatory, currency and bilingual requirements, causing businesses to lose valuable time and labour.

Instead, Float is creating an all-in-one platform for managing corporate cards, business accounts, bill pay, expense management, and cross-border payments. Designed by Canadians for Canadians, Float can help businesses move faster and ultimately cut through the red tape.

Since its inception, Float has been serving more than 7,000 businesses across Canada. Some of their corporate clients include Neo Financial, Knix, Clutch and Nerva Energy. Last year, the Globe and Mail named Float the fastest-growing Fintech company and the fourth-fastest-growing company in Canada.

Float will use the Series C funding to advance Float Intelligence, the AI layer that automates financial workflows. For example, it can assign the correct general ledger categories and Canadian tax codes to corporate card purchases, saving hours of bookkeeping. They will also introduce Float to the Western Canada and Quebec markets, and expand their talent across product, research and development, sales and marketing.

Learn more about this announcement on Float’s website.