South African fintech Float, a card-linked instalment platform, has secured US$2.6 million in a new funding round to accelerate growth, deepen local operations, and prime itself for broader expansion.
Float lets consumers split large purchases made on existing credit cards into more manageable, interest-free instalments. The model is designed to promote responsible credit behaviour by avoiding the issuance of new credit lines and eliminating interest and late fees.
In effect, Float bridges a gap in credit access: users don’t need to apply for additional credit, but can gain flexibility in how they repay. On the merchant side, the platform helps increase average order sizes and potentially convert higher-value transactions into repeat customer behaviour.
The round was co-led by Invenfin and SAAD Investment Holdings, with further participation from existing investors including Platform Investment Partners. Lighthouse Venture Partners also participated and played an advisory role in the deal.
The fresh capital will be used to scale operations in South Africa, enhance Float’s proprietary technology stack, and prepare for market expansion beyond current geographies.
Since its launch in late 2021, Float has made strong inroads in the South African retail and payments ecosystem.
What sets Float apart is its card-linked approach (rather than issuing new credit) combined with a no-interest, no-fees model. This positions it somewhat differently from the classic “Buy Now, Pay Later (BNPL)” players, which often extend fresh credit and may charge interest or penalise late payments.
Float also emphasises flexibility and control: merchants can customise instalment offerings (duration, terms) and integrate across online, in-store, and payment link environments.
In a market where many cardholders juggle repayments and struggle with credit costs, Float’s model aims to reduce friction and improve affordability.
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