Susa Ventures
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Susa Ventures

Announcing Float’s Series A

By Chad Byers, Co-Founder & General Partner at Susa Ventures

In June 2021, Susa Ventures announced our investment in Float, a Toronto-based startup building corporate card and spend management solutions. Now, just months later, we are thrilled to announce their $30M Series A led by Tiger Global, with participation from all major insiders.

Float co-founders: Griffin Keglevich, Ruslan Nikolaev, Rob Khazzam

Float has built an exciting business. In just the four months since the seed round, they’re serving a couple hundred customers and growing at 100%+ monthly. Additionally, payment volumes are up 20x since June ’21 and average customer spend is up 3x.

A bit of context: over the past eight years, Susa Ventures has been involved in over 150 companies from the seed stage, including some of the fastest-growing businesses in the world, such as Robinhood (NASDAQ: HOOD) and Flexport. Even within the context of these companies, Float is a rocketship.

While it’s easy to assume a large Series A, especially shortly after a seed round, is just another example of an ‘overheated’ market, Float is actually an example of what can happen when you deliver a product that the market so desperately wants.

Customers want Float.

There are over one million companies in Canada, the vast majority of which are SMEs and MMEs, who spend almost $3T per year. The large majority of these businesses prefer to pay using credit cards (~80% according to Payments.ca) due to widespread acceptance, ease of use, and rewards.

However, for many SMEs and MMEs, getting access to corporate credit cards is a major challenge. Up to 50% of applications annually are declined. For those who are successful, it can take up to 4 weeks to get approved, and they are often restricted by very low limits and personal guarantees from the business owner.

Float removes all the hassle of getting a business set up with corporate cards. Once an entrepreneur sets up their business, they can start managing cards with software, integrating their bookkeeping to automate month-end reconciliation, automate receipt collection, earn cash back, and more.

Susa has always loved working with companies that serve the broader entrepreneurial community. We look forward to working with Float to serve hundreds of thousands of businesses across Canada to achieve their full potential.

Float is hiring across business and engineering functions. More on their open positions here.

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