Grace Ashiru
Float, a South African fintech startup, has secured an $11 million funding facility from Standard Bank. This investment will be used to launch its card-linked installments platform and to support its ambitious growth objectives over the next four years.
Customers can easily access our services without the hassle of sign-up, registration, or credit checks. We currently collaborate with approximately seven million pre-approved credit cards in South Africa.
Float, launched in November 2021, aims to promote responsible credit card usage and boost sales for businesses. With its innovative patented technology, customers can make purchases using their existing Visa or Mastercard credit cards and spread the payments over up to 24 interest-free, fee-free monthly installments.
Partnering with Standard Bank marks a significant milestone for our business and indicates a strong vote of confidence in our model, its value to the payments ecosystem, and the potential of our team and business. The backing from Standard Bank comes at a crucial juncture as we approach a turning point in our growth and will play a pivotal role in driving our business as we expand,” stated Float founder and CEO Alex Forsyth Thompson.
With the financing facility secured from Standard Bank, the company is poised for exponential growth in its current merchant base.
