South African financial technology (fintech) company Float has secured an $11 million funding facility from Standard Bank. This funding will fuel the acceleration of Float’s card-linked installment platform, introduced in November 2021. Float’s platform allows shoppers to divide purchases into manageable installments without extra fees or interest, integrating seamlessly with existing Visa and Mastercard credit cards. Consumers benefit from flexible payment options spanning up to twenty-four months, potentially boosting sales for merchants as customers can afford higher-value items. The support from Standard Bank arrives at a crucial juncture for Float’s expansion, with plans to extend its merchant network following a reported increase in customer conversion rates and a significant rise in average order value for partnered merchants in South Africa. The funding agreement, structured as a revolving credit facility, ensures Float’s long-term financial stability and adaptability for future growth.
This infusion of capital will be instrumental in scaling Float’s operations and meeting the surging demand for its services. Float, having already established a significant presence in South Africa, collaborates with nearly seven million pre-approved credit cards. With the newfound financial backing, Float is poised to expand its merchant network, further enhancing consumer financial flexibility and merchant sales potential.