diff --git a/src/components/FloatingActionButton.js b/src/components/FloatingActionButton.js
index c49f69c336eb..e29a06ffc3d3 100644
--- a/src/components/FloatingActionButton.js
+++ b/src/components/FloatingActionButton.js
@@ -1,6 +1,7 @@
 import PropTypes from 'prop-types';
-import React, {PureComponent} from 'react';
+import React, {memo, useCallback, useEffect, useRef} from 'react';
 import {Animated, Easing, View} from 'react-native';
+import usePrevious from '@hooks/usePrevious';
 import compose from '@libs/compose';
 import * as StyleUtils from '@styles/StyleUtils';
 import Icon from './Icon';
@@ -36,81 +37,78 @@ const defaultProps = {
     buttonRef: () => {},
 };
 
-class FloatingActionButton extends PureComponent {
-    constructor(props) {
-        super(props);
-        this.animatedValue = new Animated.Value(props.isActive ? 1 : 0);
-    }
-
-    componentDidUpdate(prevProps) {
-        if (prevProps.isActive === this.props.isActive) {
-            return;
-        }
-
-        this.animateFloatingActionButton();
-    }
+function FloatingActionButton(props) {
+    const animatedValue = useRef(new Animated.Value(props.isActive ? 1 : 0));
+    const previousIsActive = usePrevious(props.isActive);
+    const fabPressable = useRef(null);
 
     /**
      * Animates the floating action button
      * Method is called when the isActive prop changes
      */
-    animateFloatingActionButton() {
-        const animationFinalValue = this.props.isActive ? 1 : 0;
-
-        Animated.timing(this.animatedValue, {
+    const animateFloatingActionButton = useCallback(() => {
+        const animationFinalValue = props.isActive ? 1 : 0;
+        Animated.timing(animatedValue.current, {
             toValue: animationFinalValue,
             duration: 340,
             easing: Easing.inOut(Easing.ease),
             useNativeDriver: false,
         }).start();
-    }
-
-    render() {
-        const rotate = this.animatedValue.interpolate({
-            inputRange: [0, 1],
-            outputRange: ['0deg', '135deg'],
-        });
-
-        const backgroundColor = this.animatedValue.interpolate({
-            inputRange: [0, 1],
-            outputRange: [this.props.theme.success, this.props.theme.buttonDefaultBG],
-        });
-
-        const fill = this.animatedValue.interpolate({
-            inputRange: [0, 1],
-            outputRange: [this.props.theme.textLight, this.props.theme.textDark],
-        });
-
-        return (
-            <Tooltip text={this.props.translate('common.new')}>
-                <View style={this.props.themeStyles.floatingActionButtonContainer}>
-                    <AnimatedPressable
-                        ref={(el) => {
-                            this.fabPressable = el;
-                            if (this.props.buttonRef) {
-                                this.props.buttonRef.current = el;
-                            }
-                        }}
-                        accessibilityLabel={this.props.accessibilityLabel}
-                        role={this.props.role}
-                        pressDimmingValue={1}
-                        onPress={(e) => {
-                            // Drop focus to avoid blue focus ring.
-                            this.fabPressable.blur();
-                            this.props.onPress(e);
-                        }}
-                        onLongPress={() => {}}
-                        style={[this.props.themeStyles.floatingActionButton, StyleUtils.getAnimatedFABStyle(rotate, backgroundColor)]}
-                    >
-                        <AnimatedIcon
-                            src={Expensicons.Plus}
-                            fill={fill}
-                        />
-                    </AnimatedPressable>
-                </View>
-            </Tooltip>
-        );
-    }
+    }, [props.isActive]);
+
+    useEffect(() => {
+        if (props.isActive === previousIsActive) {
+            return;
+        }
+
+        animateFloatingActionButton();
+    }, [props.isActive, animateFloatingActionButton, previousIsActive]);
+
+    const rotate = animatedValue.current.interpolate({
+        inputRange: [0, 1],
+        outputRange: ['0deg', '135deg'],
+    });
+
+    const backgroundColor = animatedValue.current.interpolate({
+        inputRange: [0, 1],
+        outputRange: [props.theme.success, props.theme.buttonDefaultBG],
+    });
+
+    const fill = animatedValue.current.interpolate({
+        inputRange: [0, 1],
+        outputRange: [props.theme.textLight, props.theme.textDark],
+    });
+
+    return (
+        <Tooltip text={props.translate('common.new')}>
+            <View style={props.themeStyles.floatingActionButtonContainer}>
+                <AnimatedPressable
+                    ref={(el) => {
+                        fabPressable.current = el;
+                        if (props.buttonRef) {
+                            // eslint-disable-next-line no-param-reassign
+                            props.buttonRef.current = el;
+                        }
+                    }}
+                    accessibilityLabel={props.accessibilityLabel}
+                    role={props.role}
+                    pressDimmingValue={1}
+                    onPress={(e) => {
+                        // Drop focus to avoid blue focus ring.
+                        fabPressable.current.blur();
+                        props.onPress(e);
+                    }}
+                    onLongPress={() => {}}
+                    style={[props.themeStyles.floatingActionButton, StyleUtils.getAnimatedFABStyle(rotate, backgroundColor)]}
+                >
+                    <AnimatedIcon
+                        src={Expensicons.Plus}
+                        fill={fill}
+                    />
+                </AnimatedPressable>
+            </View>
+        </Tooltip>
+    );
 }
 
 FloatingActionButton.propTypes = propTypes;
@@ -128,4 +126,4 @@ const FloatingActionButtonWithLocalizeWithRef = React.forwardRef((props, ref) =>
 
 FloatingActionButtonWithLocalizeWithRef.displayName = 'FloatingActionButtonWithLocalizeWithRef';
 
-export default compose(withThemeStyles, withTheme)(FloatingActionButtonWithLocalizeWithRef);
+export default compose(withThemeStyles, withTheme, memo)(FloatingActionButtonWithLocalizeWithRef);