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.