Float, a South African fintech startup, has announced a significant milestone in its journey towards transforming the payments landscape with the procurement of an $11 million funding facility from Standard Bank. This strategic partnership is poised to propel Float’s growth trajectory over the next four years as it introduces its card-linked installments platform to the market.
Founded in November 2021, Float has swiftly emerged as a key player in encouraging responsible credit card usage while empowering merchants to enhance their sales performance. The startup’s innovative technology allows shoppers to split their payments into up to 24 interest-free, fee-free monthly installments using the available limit on their existing Visa or Mastercard credit cards. With a user-friendly approach that eliminates the need for sign-ups, registrations, or credit checks, Float has already garnered a substantial user base of nearly seven million pre-approved credit cards in South Africa.
The partnership with Standard Bank signifies a pivotal moment for Float, validating its model’s value proposition and affirming its potential to shape the payments ecosystem positively. This funding infusion will provide Float with the necessary resources to scale its operations and expand its merchant network exponentially.
Paul Masson, CFO of Float, emphasized the significance of the collaboration with Standard Bank in bolstering the startup’s market position and delivering enhanced value to its customers. He reiterated Float’s commitment to maintaining financial discipline and driving sustainable profitability amidst this phase of accelerated growth.
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.
Since its inception, Float has garnered widespread adoption among merchants, including prominent brands across South Africa, thanks to its ability to offer flexible and responsible payment options that drive conversion rates and increase average order values. Standard Bank’s backing underscores its commitment to fostering sustainable growth and promoting financial inclusion, aligning seamlessly with Float’s mission to revolutionize the payments landscape in Africa.
With this strategic partnership in place, Float is well-positioned to usher in a new era of seamless and accessible payment solutions, empowering consumers and merchants alike while driving economic prosperity across the region.
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