This funding will be used to accelerate the rollout of Float’s card-linked installment platform, which allows shoppers to split purchases into manageable installments without additional fees or interest.

Launched in November 2021, Float integrates with existing Visa and Mastercard credit cards, offering pre-approved users the option to spread payments over up to 24 months.

Consumers can enjoy greater flexibility in managing their finances, while merchants can potentially increase sales by enabling customers to buy higher-value items.

“The support from Standard Bank comes at a critical time for our growth,” said Float founder and CEO Alex Forsyth Thompson. “This funding will be instrumental in scaling our business and meeting the rising demand for our services.”

Float has already established a significant presence in South Africa, working with nearly seven million pre-approved credit cards.

They report a significant increase in customer conversion rates and a 134% jump in average order value for partnered merchants.

With this new funding, Float expects to significantly expand its merchant network in the coming years.

The funding agreement is structured as a revolving credit facility, providing Float with long-term financial security and flexibility.

This funding will allow them to expand their presence in Dakar, Senegal, and Kenya while focusing on high-growth sectors like AI-powered Software as a Service (SaaS).

The World Bank’s International Finance Corporation (IFC) joins P1 Ventures as its first public institutional investor.

This partnership aims to bridge the gap for early-stage African tech startups seeking growth capital for expansion and attracting further investment.

“We are excited to welcome the IFC as a key partner in our mission to empower Africa’s most promising entrepreneurs,” said a spokesperson for P1 Ventures.

“This investment demonstrates confidence in the African tech ecosystem, especially at a time when global venture capital is tightening.”

P1 Ventures is a pioneer in utilizing AI for deal sourcing, having hired its first data scientist in 2023. This approach allows them to identify promising talent and startups across the continent.

The firm is particularly interested in founders leveraging cutting-edge technologies like generative AI to revolutionize core industries like healthcare, finance, retail, and agriculture.

Founded in 2020, P1 Ventures focuses on backing experienced entrepreneurs with proven business models and strong software solutions.

Their strategy boasts a successful track record, with their portfolio companies raising 35 times more follow-on capital for every $1 invested by P1.

“We are committed to fostering a diverse portfolio that represents the vast potential of African innovation,” the spokesperson added.

“Unlike traditional investors concentrated in established markets, P1 Ventures actively seeks to support ventures across the continent.”

P1 Ventures’ current portfolio includes Yassir, an Algerian mobility platform, Money Fellows, an Egyptian savings app, Reliance Health, a Nigerian employee healthcare platform, and Chari, a Francophone-focused e-commerce and fintech app.