Toronto-based Float Financial named Jack Fraser as its first chief financial officer. He most recently led BDC Capital's investment in Float's C$85 million Series C round. The fintech company provides corporate cards and expense management software for Canadian small and medium-sized businesses.
Fraser's operating background
Fraser spent seven years at BDC Capital's Growth Venture Fund. He previously worked as CFO of Montreal-based luxury e-commerce platform Ssense from 2016 to 2020. He also held CFO and COO roles at Toronto travel firm itravel2000 and its parent Travelzest.
Company scale
Float was founded in 2019. It now employs 190 people and serves 10,000 active Canadian businesses, up from about 7,500 in June. Customers include Cohere, Clutch, Knix, and Impact Kitchen.
Product and AI push
The company helps Canadian SMBs manage spending through corporate cards and software. It has expanded into bill payments, business accounts, and credit. Its Float Intelligence tool applies AI and automation to financial operations.
Float is preparing for new competition from Ramp and Wealthsimple. Fraser said the company remains confident in its Canadian market focus. He expects the rivalry to create better services for Canadian businesses.
Read more: betakit.com