By Jon Parsons Faculty of Mathematics
A company founded by two University of Waterloo graduates is on track to become a giant in the Canadian B2B credit card market.
Float, which was co-founded by Cheriton School of Computer Science alums Griffin Keg and Ruslan Nikolaev, recently brought in a whopping $37 million CAD in new investments.
The company was created out of work the two former students did with the University of Waterloo's startup incubator, Velocity.
Along with their technical know-how and programming skills, Keg and Ruslan completed a double degree program, pairing computer science at Waterloo with business at neighbouring Wilfrid Laurier's Lazaridis School.
Float has not disclosed any overall valuation, but with ongoing interest and investments from major players in the financial-tech sector it is expected the company is on the cusp of massive growth. The company was founded in 2019 and only six months ago was looking for seed funding.
Large investments at this stage are often seen as a key indicator of potential.
The company's third co-founder and current CEO, Rob Khazzam, who joined Float in March 2021, brings a wealth of experience in business and finance, having previously worked for Uber and various venture capital advisory firms.
The products and services Float offers include an all-in-one corporate credit card and spending management solution for Canadian businesses. The basic products are a derivative of more-typical credit cards, but with services specially suited to the needs of businesses.
A company could get a credit card for one of its employees for just one business trip, for example, or for just one type of purchase, or a common account for a whole department.
Float also offers services to approve, manage, track and report spending through integrated applications and software. The adaptability and easy integration of its services for businesses are key characteristics of the company's offerings.
