Floatpays, a South African on-demand payment company, has raised just under $4 million in an oversubscribed seed round to help it expand across Africa.
Global Founders Capital, Base Capital, Finca Ventures, Raba Partnership, and 4DX Ventures, as well as angel investors Alan Rutledge, Shaun Hurwitz, Youcef Oudjidane, and Olugbenga Agboola, co-founder and CEO of Flutterwave, contributed to the seed round.
Founders Factory Africa, Kepple Africa Ventures, Norrsken Foundation, and MFS Investments are among the existing investors.
Floatpays is a digital platform that offers on-demand access to pay, seamless savings functionality, and financial education to enhance employee financial wellness.
The startup was founded in 2019 and is a participant in the S21 cohort of the Silicon Valley-based Y Combinator incubator.
“With this investment, we will be able to strengthen our position in South Africa while also expanding into the rest of Africa.” “We’re speeding up the development of key features that complement our existing product, such as our new interest-bearing savings account that’s directly linked to employees’ paychecks,” said Floatpays founder Simon Ward.
Floatpays was founded as a “small startup with big goals to create a financially inclusive Africa,” according to Ward.
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