Float
Overview
Float is a financial technology company headquartered in Toronto, Canada, specializing in automated expense management solutions designed to simplify company spending. Established in 2019, Float, under the leadership of founders such as Robbie Khazzam and Ruslan Nikolaev, offers financial products that streamline the management of corporate cards, reimbursements, approvals, and invoices through its innovative platform. To date, Float has raised a total of $84.4 million in funding over several rounds, reflecting significant investor interest in its technology and market potential.
Recent Developments
- September 2024: Float announced its latest funding round, a debt financing deal amounting to $37.1 million. This marks one of the company's major steps in scaling up financial solutions and expanding its innovative offerings.
- August 2023: Float was recognized as the No.1 Momentum Leader in Resource Management Software by G2, an achievement driven by continuous customer support and feedback. It also maintained its top rank in Mid-Market categories for Best Relationship and Most Implementable solutions.
- February 2023: The Canadian fintech sector in which Float operates saw reforms in technology and policy, which Float swiftly adapted to, enhancing its spend management software to offer greater security and better customer experience in alignment with new industry standards.
- November 2022: Float expanded its integration capabilities, allowing seamless integration with more accounting systems and improving real-time data tracking for expense management and budget insights.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Toronto, Canada |
| Founders | Robbie Khazzam, Ruslan Nikolaev, Griffin Keglevich, Tom Taubkin |
| Revenue | Undisclosed |
| Profits | Undisclosed |
| Key Investors | Velocity (University of Waterloo), A* Capital, Andrew Macdonald |
| Industry | Financial Software |
| Number of Employees | 101 |
Early History
Float was founded in 2019 with the mission to transform how businesses manage expenses and corporate spending. The founding team, with roots in top technology firms such as Uber and Shopify, recognized the inefficiencies in traditional spending and reimbursement processes and aimed to create a modern digital solution. The company quickly attracted attention for its sleek product design and user-friendly interface, which were developed with insights from early adopters. By 2020, Float secured its first round of seed funding, enabling the expansion of its development team and refinement of its platform capabilities. This early phase focused on building robust software that integrated seamlessly with existing corporate financial systems.
Company Profile and Achievements
Float operates based on a SaaS model, providing advanced financial software solutions designed to automate and optimize business spending. The company's platform supports virtual credit card issuance, tracking, billing, and analytic reporting, all of which help businesses maintain financial control and accountability.
- 2019: Launched with a focus on offering corporate cards integrated with intelligent spend management tools.
- 2020: Secured initial seed funding that facilitated the development of a baseline product scalable to varied industries.
- 2021: Rolled out features like automated receipt capture, and integration with major accounting platforms, improving functionality for users.
- 2022: Established partnerships with several key Canadian banks to enhance service offerings and customer trust across the financial sector.
- 2023: Achieved SOC 2 Type 2 and PCI-DSS compliance, marking significant steps in enhancing security and compliance standards.
Current Operations and Market Position
Float currently serves over 4,500 businesses across multiple industries, leveraging its robust platform to streamline financial operations. As a leading provider in financial software, Float boasts features such as advanced fraud detection, real-time expense tracking, and automated report generation.
- Market Position: Recognized as a significant player in the financial technology industry, especially in Canada, with increasing interest from international firms looking for efficient expense management solutions.
- Strategic Advantages: Participation in upstream financial processes and FinTech innovation, deep integration with banking systems, and responsive customer service.
- Initiatives: Focused on enhancing its AI-driven analytics to provide clients with predictive insights that can influence strategic financial decisions.
Conclusion
Float has swiftly positioned itself as a pivotal player in the financial technology landscape, offering innovative solutions that redefine traditional expense management. With continued investor confidence and a robust roadmap for product enhancements, Float is poised for further growth and expansion. Its commitment to security, customer satisfaction, and cutting-edge innovation ensures it remains a leader in automating and simplifying financial processes. As the company continues to develop, it aims to broaden its market reach and solidify its presence in global financial circles.