BDC Capital and Northleaf also joined the round for the Toronto fintech, as well as existing investors Goldman Sachs Alternatives and Garage Capital. Float, which provides prepaid corporate credit cards and other financial products to small and medium-sized businesses, plans to use the money to expand across the country, hire staff and develop AI software. (The Logic)

Talking point: According to a release, the financing raises Float’s valuation by 70 per cent compared to its January 2025 Series B, which valued the fintech at about US$200 million. Later that month, Float raised $100 million in debt to fund its financial products for small and medium-sized businesses. Competition is heating up in small business banking. EQ Bank launched prepaid credit cards for businesses earlier this month, Wealthsimple announced a suite of products aimed at entrepreneurs in May and Rogers Communications launched merchant payment processing and business credit cards through its in-house bank in March.