Card-linked instalment platform Float has secured $2.6m (R46m) in funding to expand its South African operations, enhance its proprietary technology, and prepare for regional growth.
The funding round was co-led by Invenfin and Saad Investment Holdings, with participation from existing investors including Platform Investment Partners. Lighthouse Venture Partners also invested and advised on the deal.
Expansion plans
Float, founded in 2021, has grown rapidly by offering consumers the ability to split purchases into interest- and fee-free instalments using their existing credit cards.
The platform processes thousands of transactions monthly across more than 2,000 partner stores, with merchants reporting average order values of about R10,000 and increases of over 130% in sales per transaction.
The company said the new capital will support its triple-digit growth trajectory while strengthening its technology platform.
Investor confidence
Theo van den Berg, investment executive at Invenfin, said: “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.”
Johann Snyman, private equity principal at Saad, added: “At Saad, we love backing impressive entrepreneurs who are busy scaling remarkable businesses. Float ticks both these boxes for us.”
Market traction
Float has secured partnerships with payment processors Peach Payments and Adumo, enabling omni-channel processing across online, in-store and payment links. Retail partners include iStore, Samsung, The Pro Shop, CycleLab, Dial-a-Bed, Cape Union Mart and MiFitness.
In 2023, Float also secured an $11m (R200m) facility from Standard Bank to provide access to growth capital.
