Float, a South African fintech startup, received a US$11 million funding facility from Standard Bank to help it launch its card-linked installments platform and support its rapid growth objectives over the next four years.
There is no sign-up, registration, or credit check process for customers, and the startup now works with around seven million pre-approved credit cards in South Africa.
Float, which was launched in November 2021, supports viable credit card usage while also assisting shops in increasing sales. Thanks to the startup’s patented technology, customers can purchase now and use the available credit limit on their current Visa or Mastercard credit card to spread out their payments over up to 24 interest-free, fee-free monthly installments.
“Partnering with Standard Bank is a major milestone for our business and is a huge vote of confidence in our model, its value to the payments ecosystem, and the prospects of our team and business. The support from Standard Bank comes at a time when we’re approaching an inflection point in our growth and will be pivotal in fueling our business as we scale,” said Float founder and CEO Alex Forsyth Thompson.
With the financing facility secured from Standard Bank, it now anticipates exponential growth in its existing merchant base.
Read more on Tech Gist Africa:
Planet42, a startup based in South Africa, has raised $15.8 million in funding from Standard Bank
Hohm Energy, a South African startup, has raised $8 million in a seed round
OfferZen, a South African company, raises $4.3 million in a funding round.