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MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Accounting & Finance
hellofloat.com

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Founded Year

2014

Stage

Seed VC | Alive

Total Raised

$3.13M

Last Raised

$3M | 5 yrs ago

Mosaic Score

+20 points in the past 30 days

What is a Mosaic Score?
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About Float

Float is a data-driven technology company that empowers emerging credit consumers to prove their creditworthiness through personalized underwriting and a fast, friendly, and affordable credit alternative. By leveraging machine learning and transactional data, Float has developed alternative, non-FICO based underwriting that can make personalized credit decisions in seconds, and deliver micro-credit lines that can be used with existing debit cards.

Float Headquarter Location

Los Angeles, California,

United States

Latest Float News

Float secures $5 million seed round to make corporate credit cards less of a headache

Jul 13, 2021

Toronto FinTech startup Float has secured $5 million to bring a Brex-life offering to the Canadian market. Formerly named Journal, Float is looking to solve a major pain point for Canadian businesses through a combination of no personal guarantee corporate cards and a spending management platform. “Float is bringing smart corporate cards to SMEs.” – Michael Hyatt The seed round consisted of $4 million in equity co-led by Susa Ventures and existing investor Golden Ventures. It also saw participation from Andrew Wilkinson’s Tiny Capital, Michael Litt-led Garage Capital and Global Founders Capital. Silicon Valley Bank provided $1 million in debt as part of the financing. The funding brings Float’s total to date to around $6.5 million. The startup has also garnered investments from Michael Hyatt and a group of undisclosed angels that hail from Uber, Shopify, Xero, Wave, and H&R Block. Float is looking to use its newfound capital to “aggressively invest in product development, hiring, and growth.” Displacing an outdated offering Float was started by Griffin Keglevich and Ruslan Nikolaev, two graduates of Waterloo’s computer science and business programs, in 2019. After internship placements at Uber and Shopify, Keglevich and Nikolaev realized early on the frustrations around submitting expense reports, company reimbursements, and business cards. Keglevich personally experienced being out of pocket for thousands of dollars for an event he helped a company plan as an intern, and ended up paying on three different personal cards and waiting to get reimbursed. “In general, we tend to be displacing nothing, or a personal card, or, I would say, a pretty outdated corporate card offering.” Given this experience, Float was created as a reimbursement-focused company for Canadian small-and-medium businesses (SMBs). With the addition of former Uber Canada general manager Rob Khazzam as CEO, earlier this year, Float has turned its attention towards its corporate card offering. “Most businesses, if they have something, are either using a personal card under really subpar circumstances … or they have a corporate card from one of the banks that they personally guaranteed and has really low spending,” said Khazzam, in an interview. Float’s Visa-issued cards are not typical credit cards: they integrate directly with a company bank account and automatically maintain a desired balance on the cards. This allows Float to skip the need for personal guarantees, which are often required for other corporate cards. The startup’s offering allows businesses to give employees access to both virtual and physical corporate cards and set specific limits per employee. The idea is to eliminate the need for out-of-pocket spending by employees, but this feature can help businesses that often have to share one corporate card, which can lead to liability issues if the card is ever compromised. Float also offers a spending management platform, that can do things like automatically notify spenders about missing receipts, with the goal of helping companies close books faster. “It’s not uncommon that a customer will tell us, ‘we spent $40,000 a month but we’ve got a $5,000 limit [on our credit card] so I have to pay this thing off,’ which is really, really inconvenient,” said Khazzam. “In general, we tend to be displacing nothing, or a personal card, or, I would say, a pretty outdated corporate card offering.”

Feb 15, 2017
Float Secures $3M

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Expert Collections containing Float

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Float is included in 4 Expert Collections, including Banking.

B

Banking

1,090 items

D

Digital Lending

1,305 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

A

Artificial Intelligence

8,330 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

F

Fintech

7,256 items

US-based companies

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