Float Secures $2.6M to Expand Card-Linked Installment Platform in Africa
South African fintech startup Float has raised $2.6 million (R46 million) in a new funding round to scale its innovative card-linked installment platform. This investment, co-led by Invenfin and SAAD Investment Holdings, with participation from Platform Investment Partners and advisory support from Lighthouse Venture Partners, signals strong confidence in Float’s mission to revolutionize the buy now, pay later (BNPL) landscape in Africa.
Scaling Responsible Credit in South Africa
Launched in 2021, Float distinguishes itself as Africa’s first card-linked installment platform, enabling consumers to split purchases into manageable, interest-free monthly payments using their existing credit cards. Unlike traditional BNPL providers that issue new credit lines, Float leverages pre-existing credit, promoting what CEO Alex Forsyth-Thompson describes as “responsible credit usage” and ultimately contributing to improved financial well-being for users. Following a previous $11 million funding facility secured from Standard Bank last year, this new capital injection will fuel Float’s expansion within South Africa, enhance its technology, and pave the way for future expansion into international markets. Currently, Float partners with over 2,000 merchants, providing a valuable service to both consumers and businesses.
With this new funding, Float is well-positioned to solidify its position as a leading fintech innovator in Africa, driving financial inclusion and empowering consumers with flexible and responsible payment solutions. The company’s unique approach to BNPL addresses a critical need in the market, offering a compelling alternative to traditional credit models and fostering sustainable financial habits.
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