Our Continued Investment in Float: The Best Spending Platform for SMBs
When we shared the news of Float’s seed fundraising in July, we were confident that there was a big opportunity to reinvent how Canadian SMEs spend. In the four months since, we have come to understand just how big this opportunity is, and just how razor-sharp the folks at Float are.
The tech ecosystem can be a noisy place, but Float has stood out as a case of extreme product-market-fit. I prefer numbers to words, so here are a few of the metrics that help illustrate Float’s post-seed growth:
- Payment volume growth up 20x
- Customer growth up 4500%
- Average spend per customer increasing every month since public launch
The Canadian SME market is ready to adopt better payment solutions. There are over a million companies in Canada — the vast majority of which are SMEs — who spend almost $3T per year. Amazingly, over half of all credit applications for this customer group are rejected. Float exists to serve this market and mobilize SME access to better corporate spending solutions.
That is why we are excited to share the news of Float’s US$30M Series A funding, led by Tiger Global. Alongside our friends Michael Hyatt, Susa Ventures, GFC, and Garage Capital we are continuing our support of Rob, Griffin, Ruslan & Co. in pursuit of simple spending for companies. This round brings the total amount raised by Float to US$33.5M, and will allow them to continue moving quickly towards their ambitious expansion plans.
The Float team is growing too! They recently announced key additions including a Head of Engineering, Finance, and Sales. They are looking to fill a number of key roles and in my (highly biased) opinion, there has never been a better time to join this team!