A Toronto-based business-to-business (B2B) company is the country’s first no-personal-guarantee corporate card and spend management platform.
Launched in March 2021, Float is digitizing corporate spend management for Canadian businesses, from individual corporate cards to real time expense tracking to no personal guarantees. The company is lowering the barriers to financial access for startups, scaleups, and established businesses. Since its launch last year, the company has gained over 1,000 customers and seen a 300x growth in net payment volume.
Float offers Visa-issued cards that integrate directly with an organization’s bank account, meaning no personal guarantees by chief executive officers or out-of-pocket spending by employees is needed. The platform also provides software that streamlines backend paperwork, and full control over how spending is distributed between employees and teams, helping companies manage and grow as they want to.
Float’s solution is a smart corporate card linked to spend-management software that automates many manual processes involved in managing card-linked spending, processes like issuing cards for employees, tracking down receipts, and reconciling expenses at the end of each month.
Under Float’s prepaid model, clients fund an account upfront, and can create and control any number of physical or virtual credit cards.
Float is co-founded by University of Waterloo engineering grads Griffin Keglevich and Ruslan Nikolaev, and led by Toronto-based CEO and co-founder Rob Khazzam.
Float’s leadership team is rounded out with members from companies such as Shopify, Loopio, CrowdRiff and Lane/VTS.
Additionally, Float has expanded its customer base over the past year to over 1,000 Canadian businesses, including online auto marketplace Clutch, HR service Humi, real-estate startup Properly, and crypto exchange company Coinberry.
It has grown from four employees to 40 and the company plans to hire 40 additional employees in the coming months.
Recently, Float also raised an additional US$30M, just five months after the startup raised US$2.8M in a seed financing equity deal.