diff --git a/CHANGELOG.md b/CHANGELOG.md
index d2e638b..1cd27d5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,10 @@ Inspired by [Keep a Changelog](https://keepachangelog.com/en/1.0.0/).
 
 Note: This project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
+## [3.1.0] - 2026-01-23
+### Added
+- Added `to_f` formatter, which converts a string to a float value.
+
 ## [3.0.0] - 2025-11-25
 ### Added
 - Added optional context_overrides argument for the following methods:
diff --git a/Gemfile.lock b/Gemfile.lock
index 738b734..c57c30e 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -1,7 +1,7 @@
 PATH
   remote: .
   specs:
-    parameter_substitution (3.0.0)
+    parameter_substitution (3.1.0)
       activesupport (>= 6.0)
       builder (~> 3.2)
       invoca-utils (~> 0.3)
diff --git a/lib/parameter_substitution/formatters/to_f.rb b/lib/parameter_substitution/formatters/to_f.rb
new file mode 100644
index 0000000..c9309b6
--- /dev/null
+++ b/lib/parameter_substitution/formatters/to_f.rb
@@ -0,0 +1,11 @@
+# frozen_string_literal: true
+
+class ParameterSubstitution::Formatters::ToF < ParameterSubstitution::Formatters::Base
+  def self.description
+    "Converts a string to a double-precision floating point number"
+  end
+
+  def self.format(value)
+    Float(value).round(2) rescue nil
+  end
+end
\ No newline at end of file
diff --git a/lib/parameter_substitution/version.rb b/lib/parameter_substitution/version.rb
index 8ca92eb..b42d1e9 100644
--- a/lib/parameter_substitution/version.rb
+++ b/lib/parameter_substitution/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 class ParameterSubstitution
-  VERSION = "3.0.0"
+  VERSION = "3.1.0"
 end
diff --git a/spec/lib/parameter_substitution/formatters/to_f_spec.rb b/spec/lib/parameter_substitution/formatters/to_f_spec.rb
new file mode 100644
index 0000000..9d117f1
--- /dev/null
+++ b/spec/lib/parameter_substitution/formatters/to_f_spec.rb
@@ -0,0 +1,34 @@
+# frozen_string_literal: true
+
+require_relative '../../../../lib/parameter_substitution/formatters/to_f'
+
+describe ParameterSubstitution::Formatters::ToF do
+  context "ToF formatter test" do
+    before do
+      @format_class = ParameterSubstitution::Formatters::ToF
+    end
+
+    it "have a key" do
+      expect(@format_class.key).to eq("to_f")
+    end
+
+    it "provide a description" do
+      expect(@format_class.description).to eq("Converts a string to a double-precision floating point number")
+    end
+
+    it "converts valid string to float rounded to 2 decimal places" do
+      expect(@format_class.format("123.456")).to eq(123.46)
+      expect(@format_class.format("0.001")).to eq(0.00)
+      expect(@format_class.format("-9876.54321")).to eq(-9876.54)
+      expect(@format_class.format("123")).to eq(123.0)
+      expect(@format_class.format("123.4")).to eq(123.4)
+    end
+
+    it "returns nil for nil or invalid strings" do
+      expect(@format_class.format(nil)).to eq(nil)
+      expect(@format_class.format("")).to eq(nil)
+      expect(@format_class.format("$123.4")).to eq(nil)
+      expect(@format_class.format("not_a_number")).to eq(nil)
+    end
+  end
+end
\ No newline at end of file