Float, a leading South African fintech startup, has secured an $11 million funding facility from Standard Bank. The investment is set to propel Float’s mission of revolutionizing the payment experience for consumers and merchants alike.

Float offers a card-linked installment platform, allowing shoppers to split the cost of purchases into manageable installments directly through their existing Visa or Mastercard credit cards. This innovative solution provides much-needed flexibility without incurring extra fees or interest charges.

Alex Forsyth Thompson, Founder and CEO of Float, expressed his enthusiasm for the partnership, citing it as a major milestone for the company’s trajectory. He highlighted the confidence exhibited by Standard Bank in Float’s business model and its future prospects, emphasizing the pivotal role of this support in fueling Float’s expansion plans.

Float’s model presents several advantages for both consumers and businesses. Shoppers enjoy increased purchasing power and improved budgeting, while merchants benefit from higher customer conversion rates and larger average order values. Float reports that partnered merchants have experienced a 134% boost in average order value.

Launched in November 2021, Float has quickly gained a foothold in South Africa, currently reaching nearly seven million pre-approved credit cards. With the Standard Bank funding, the company aims to substantially expand its merchant network over the next few years.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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