Revolutionizing Canadian Fintech: Rob Khazzam on Float’s $70M Series B and the Future of Business Banking

In this episode of Tank Talks, Matt Cohen welcomes back Rob Khazzam, CEO of Float, along with John Ruffolo, to discuss Float's recent $70M Series B funding led by Goldman Sachs, the challenges of building a fintech company in Canada, and the broader state of entrepreneurship in the country.

Rob shares insights into Float's mission to simplify financial operations for Canadian businesses, emphasizing innovation in a heavily regulated industry. He reflects on the lessons learned from previous funding rounds and how Float adapted to market shifts. The conversation expands to challenges in Canadian policy, the need for a vibrant knowledge economy, and the role of government in fostering innovation.

About Rob Khazzam:

Rob Khazzam is the Co-Founder and CEO of Float, a Canadian company dedicated to simplifying corporate spending for businesses and teams.

Previously, Rob served as an advisor to Framework Venture Partners and was the Managing Partner at Great Mountain Partners, an investment firm focused on acquiring majority stakes in Canadian businesses. He also worked at Uber for over five years, holding various leadership roles, including General Manager for Canada and Central & Eastern Europe.

Rob earned an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario in 2009.

Topics Discussed:

(03:24) The founding story of Float, inspired by solving the inefficiency of expense reports. He reflects on the challenges Canadian businesses face in accessing modern financial tools, such as corporate cards.

(05:20) Float’s Series A funding and navigating the 2022–2023 market downturn. Rob emphasizes how Float balanced rapid growth with sustaining operations during challenging times

(10:00) Float's approach to partnerships and funding, emphasizing long-term vision and sustainable growth over short-term wins or valuations and the alignment with Goldman Sachs as a strategic partner.

(13:41) Exploration of payment inefficiencies and their impact on Canadian businesses.

(17:45) Rob describes Float’s commitment to trust, compliance, and risk management in a highly regulated fintech environment.

(20:24) A broader discussion on Canada's entrepreneurial ecosystem and the importance of celebrating entrepreneurship and implementing proactive policies, such as open banking, to enhance Canada's knowledge economy.

(25:54) Critiques of Canada’s economic policies, advocating for a focus on intentional knowledge economy growth and smarter immigration strategies to boost per capita GDP.

(35:29) Personal reflections on Rob’s time in Europe, which gave him perspective on Canada’s multicultural strengths and opportunities for economic unity.

(40:16) A discussion on the importance of standing up for Canadian values, addressing social tensions, and fostering national unity against divisive identity politics.

(50:42) Float’s goals for the next 12–18 months, including delivering an optimized business banking experience, helping customers achieve better ROI, and significantly reducing user time spent on Float’s platform.

Fast Favorites:

* Podcast: Invest Like the Best (business), Spittin’ Chiclets (sports).

* Blog: Stratechery

* Tech Gadget: iPhone

* New Trend: Cold plunging to manage stress and anxiety

* Book: No Rules Rules by Reed Hastings and Erin Meyer

* Life Lesson: "Believe in yourself more than you actually do."

Follow Matt Cohen and Tank Talks here!

Podcast production support provided by Agentbee.ai

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com