Silicon Valley Bank and a “tier-1 Canadian bank,” which Float declined to name, loaned the money to the fintech. Float plans to use it to fund its financial products for small and medium-sized businesses, including its corporate credit cards, and interest paid on balances in its business accounts. (The Logic)

Talking point: In an email, Float co-founder and CEO Rob Khazzam said the company will use the financing for different purposes than the $70 million it raised last year. Khazzam said demand for Float’s corporate credit card and other business credit products is growing quickly, and the loan will help the company meet that demand. In contrast, last year’s Series B equity raise, which valued the company at more than US$200 million, helped Float grow and hire more people, he said. Float also borrowed $50 million from Silicon Valley Bank in 2024, nearly a year after First Citizens Bank took control of the U.S.-based startup lender in the wake of its collapse.