Float Secures CAD 100M Debt Facility
Toronto-based Float Financial said today it secured nearly CAD$100 million in debt through two facilities—CAD$75 million from Silicon Valley Bank (now part of First Citizens) and CAD$20 million from an undisclosed Schedule I Canadian bank—to scale its interest-free credit and chequing-style SME products. The 2019-founded fintech, which serves more than 5,000 Canadian businesses, reported roughly 70% year-over-year revenue growth and plans to hire 50–60 employees.
Key Points
- 1Raises nearly CAD$100M debt via SVB and a Canadian Schedule I bank
- 2Enables scaling of interest-free SME credit and four-percent deposit product, boosting product flexibility
- 3Allows onboarding more customers, raising credit limits, and hiring 50–60 engineering and data staff
Scoring Rationale
Moderate significance driven by sizable debt for SME expansion, limited by narrow industry scope and no broader market disruption.
Sources
Public references used for this report.
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