South African fintech start-up Float has raised US$2.6-million (R46-million) in new funding for local expansion, to enhance its proprietary technology and to prepare for international growth.
The four-year-old card-linked instalment platform currently serves about 2 000 retail stores and processes thousands of high-value transactions monthly, with average order values of around R10 000.
It is Africa’s first card-linked instalment platform, providing shoppers with a way to split purchases into interest-free and fee-free instalments. Unlike traditional so-called “buy now, pay later” (BNPL) services, Float does not issue new credit or penalise customers with late fees. Instead, it helps consumers better manage their existing credit card facilities by offering flexibility and control.
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“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,” Float CEO and founder Alex Forsyth-Thompson said in a statement on Wednesday.
The funding round was led by Remgro’s venture and growth capital arm, Invenfin, and by SAAD Investment Holdings. — (c) 2025 NewsCentral Media
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