Float, a dynamic fintech startup based in South Africa, celebrates a major breakthrough in its quest to redefine payment dynamics by securing an impressive $11 million funding facility from Standard Bank. This landmark collaboration sets the stage for Float’s ambitious growth journey over the next four years, marked by the introduction of its groundbreaking card-linked installments platform to the market.
Established in November 2021, Float has rapidly emerged as a game-changer in promoting responsible credit card usage and empowering merchants to elevate their sales performance. Its innovative technology enables shoppers to effortlessly split payments into interest-free, fee-free monthly installments, leveraging the available limit on their Visa or Mastercard credit cards. With a hassle-free approach that eliminates sign-ups, registrations, or credit checks, Float has amassed a substantial user base, boasting nearly seven million pre-approved credit cards across South Africa.
The partnership with Standard Bank signifies a pivotal moment for Float, validating the inherent value of its model and underlining its potential to positively influence the payments landscape. This infusion of funds will equip Float with the resources needed to scale operations and exponentially expand its merchant network.
Paul Masson, Float’s CFO, highlights the strategic importance of the collaboration with Standard Bank in fortifying the startup’s market position and delivering enhanced value to its clientele. He reaffirms Float’s commitment to maintaining financial prudence and driving sustainable profitability amidst this phase of accelerated growth.
Alex Forsyth Thompson, Float’s Founder and CEO, expresses his excitement about the partnership, heralding it as a significant milestone in the company’s trajectory. He underscores the confidence displayed by Standard Bank in Float’s business model and future prospects, emphasizing the pivotal role of this support in fueling Float’s expansion initiatives.
With widespread adoption among merchants, including renowned brands across South Africa, Float’s flexible and responsible payment options have proven instrumental in boosting conversion rates and raising average order values. Standard Bank’s endorsement underscores its dedication to fostering sustainable growth and advancing financial inclusion, perfectly aligning with Float’s mission to revolutionize Africa’s payments landscape.
Armed with this strategic alliance, Float is poised to usher in a new era of seamless and inclusive payment solutions, empowering both consumers and merchants while driving economic prosperity throughout the region.
Source: Innovation Village