FloatMe raises $16.2M Series A and rebrands to drive exponential growth

FloatMe, the fast-growing fintech app that’s helped Americans save $80M in overdraft fees since launch, today announced the series A funding of $16.2M. This round of funding was led by Foundry Group with participation from ManchesterStory, Active Capital, Samsung Ventures, and notable fintech leaders including Michal Cieplinski from Pipe, Jordan Wright from Atomic, and John Henry from Loop.

“We set out to help people who were drowning in debt. Delivering a brand, experiences and products that, without compromise, prioritizes our members best financial interests allows us to continually demonstrate our commitment to solving that problem,” said Josh Sanchez, Co-founder and CEO at FloatMe.

Since its launch in March of 2020, the company has added 45 employees and significantly grown its member base. The new round of funding will support expanding the team, products, services and continuing to build the FloatMe community.

“The commitment and focus that FloatMe has towards solving a very real problem for millions of Americans and serving their members in ways that support their immediate and longer term needs really resonated,” says Seth Levine, Managing Director at Foundry Group. “Coupled with their impressive growth since launch and their thoughtful and differentiated product roadmap, we couldn’t be more thrilled to have them in our portfolio.”

In addition, FloatMe launched its new brand today to amplify its focus on putting members’ best financial interests first. Core elements of the rebrand include an updated logo, brand colors, and messaging. With a tagline of “Your Best Financial Friend”, FloatMe is committed to continuing to build best-in-class products and experiences for members where every interaction feels authentic, accessible and valuable.