SA fintech startup Float raises $2.6m funding to scale

South African card-linked instalment platform Float has secured US$2.6 million (R46 million) in funding to help it scale both at home and abroad. Founded in 2021, Float is Africa’s first card-linked instalment platform. It offers shoppers a smarter way to use their credit cards by splitting their payments into interest-free, fee-free monthly installments using their existing credit. The startup, which last year secured a US$11 million funding facility from Standard Bank , has raised US$2.6 million in a funding round co-led by Invenfin and SAAD Investment Holdings , with participation from all existing investors, including Platform Investment Partners . Lighthouse Venture Partners also participated and played an advisory role on the deal. The funding will be used to scale Float’s South African operations, enhance its proprietary technology platform and prepare for future market expansion as the company continues its triple-digit growth trajectory. The platform currently serves over 2,000 stores and processes thousands of high-value transactions monthly, with industry-leading average order values of around ZAR10,000 (US$570) and merchants seeing over 130 per cent increases in average order values. “This funding round represents a significant vote of confidence in our approach to responsible credit usage, our ability to deliver genuine value to both merchants and shoppers, and the international scalability of our solution. While other platforms focus on issuing new credit, we’re empowering millions of consumers to manage their existing credit better, while further unlocking a multi-trillion-dollar opportunity for merchants,” said Alex Forsyth-Thompson, founder and CEO of Float. Float’s platform stands out through its focus on responsible credit usage, offering far more flexible instalment terms, and providing merchants with the ability to customise and control their instalment offerings fully. “Credit cards remain one of the best cashflow tools available to consumers when used responsibly. What sets Float apart is our focus on enabling that responsible usage while keeping the credit card as the preferred way to pay,” said Forsyth-Thompson. “By giving shoppers more flexibility and control, we help them manage their budgets and maintain strong credit records, all while merchants benefit from higher-value transactions and a more loyal customer base.” Float has secured strategic partnerships with major payment processors, including Peach Payments and Adumo, enabling seamless omni-channel processing across online, in-store and payment links. “We’ve been very impressed with Alex, Paul Masson, CFO and COO, the Float team’s execution and ambition and are proud to partner with them. Float has created a genuinely differentiated proposition in the South African payments landscape, with its card-linked approach addressing a clear market gap while promoting responsible credit usage. The company’s impressive market traction, combined with its experienced management team and scalable technology platform, makes this an extremely compelling investment opportunity in the fast-growing fintech sector,” said Theo van den Berg, investment executive at co-lead investor Invenfin. The post SA fintech startup Float raises $2.6m funding to scale appeared first on Disrupt Africa .