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Float Financial
Rob Khazzam's Float Financial issues corporate cards and spend software to thousands of Canadian businesses without holding a banking license.
Float Financial
Float Financial was built by three co-founders—Rob Khazzam (CEO), Ruslan Nikolaev (Head of Product), and Griffin Keglevich—who assembled a leadership team drawn from Stripe, Shopify, and Uber. The firm operates as a Money Services Business, not a chartered bank, holding customer funds in dedicated accounts with Tier 1 Canadian banks while engineering a modern payments layer on top of legacy rails. The firm pairs pre-funded and unsecured charge-card models with a software stack that automates accounts payable, expense coding, and multi-level approvals. Its USD card offering opens cross-border spend for Canadian companies, and its yield product earns depositors up to 3.5% interest—cash remains as cash rather than trapped in GICs or money-market instruments. Float's backers include Growth Equity at Goldman Sachs Alternatives and OMERS Ventures, alongside executives from Uber, Shopify, Xero, and H&R Block. Float discloses a SOC 2 Type 2 and PCI-DSS certification posture, with 24/7 fraud monitoring. The firm markets its customer-support speed and its capacity to close books eight times faster than manual processes. Adoption spans thousands of companies, from seven-restaurant operator Impact Kitchen to firms that need instant virtual-card issuance and automatic receipt matching. The team recently expanded its C-suite, adding Tramale Turner—formerly of Stripe and Nintendo—as CTO. Float's structural difference is its non-bank balance-sheet architecture: customer deposits sit in dedicated bank accounts, earning interest directly rather than through sweep vehicles, while Float provides the credit, software, and compliance wrapper. This creates a working-capital flywheel—businesses spend on Float-issued cards, hold operating cash inside Float, and automate reconciliation—without Float ever holding a banking license.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, ON, Canada
Principals
Rob Khazzam
CEO & Co-Founder
Ruslan Nikolaev
Co-Founder and Head of Product
Griffin Keglevich
Co-Founder
Tramale Turner
Chief Technology Officer
Sector focus
Frequently asked questions
How is Float Financial structured if it is not a bank?
Float is a Money Services Business that partners with Tier 1 Canadian banks to hold customer funds in dedicated accounts. It provides the credit facility, software, and compliance wrapper while the underlying cash remains as cash—not swept into GICs or money-market funds—earning interest that Float drives back to customers.
Who runs investment decisions at Float Financial?
Float is an operating fintech company, not a family office or fund manager. Strategic and capital-allocation decisions sit with CEO and Co-Founder Rob Khazzam, supported by a leadership team that includes a CTO from Stripe, a VP Finance from Ada and ecobee, and a VP Marketing from HP and Pearson.
Does Float Financial participate in fund commitments or only operate its own product?
Float is a product company, not an investor. It operates a spend-management and corporate-card platform for Canadian businesses. Its venture backers include Growth Equity at Goldman Sachs Alternatives and OMERS Ventures, but Float itself does not make fund commitments or direct investments.
What investment stages or sectors does Float Financial target?
Float is not an investment firm. It serves businesses across sectors and sizes, from restaurant groups like Impact Kitchen to technology companies, with corporate cards, bill payments, and yield on operating cash. There is no stage or sector mandate.
How does Float Financial source its customer pipeline?
Float grows primarily through a direct-to-business motion in Canada, converting companies dissatisfied with traditional bank-issued corporate cards and manual expense reporting. It markets its speed of book-closing—claiming an 8x improvement—and its 1-day card-approval process as primary conversion levers.
What is Float Financial's known posture on co-investments or syndicated deals?
Float does not co-invest, syndicate, or participate in private placement rounds. It is a financial technology operator, not an allocator. The firm's capital relationships are with venture investors in Float itself, not with co-investment partners in third-party deals.
Where does the underlying capital that Float issues on credit come from?
Float provides credit to businesses via a charge-card model that extends up to $3 million in unsecured, interest-free credit. The firm has not publicly disclosed the specific credit facility or credit fund backing this receivables portfolio, though it cites backing from Goldman Sachs Alternatives as an equity investor, not a debt provider.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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