The funding round was jointly led by Invenfin—Remgro’s venture and growth capital division—and SAAD Investment Holdings.

All of Float’s previous backers, including Platform Investment Partners, participated in the round, with Lighthouse Venture Partners contributing as both an investor and strategic advisor.

The raise is earmarked to scale Float’s footprint across South Africa, improve its proprietary technology, and lay the groundwork for international market rollout—supporting what the company describes as a “triple-digit” year-on-year growth trajectory.

Float offers consumers a responsible alternative to traditional credit by enabling them to split large credit-card purchases into up to 24 monthly instalments—without interest or fees—using their existing credit limits.

This model avoids introducing new credit lines and instead promotes smarter use of current credit capacity.

Currently, Float’s solution is available at over 2,000 retail locations, facilitating thousands of high-value transactions monthly.

The platform reports average order values of around R10,000, with partnered merchants seeing increases in average sales of more than 130%.

Alex Forsyth-Thompson, founder and CEO of Float, hailed the funding as “a strong endorsement of our vision for responsible credit usage, our capacity to create real value for merchants and shoppers, and our platform’s global scalability.

Rather than issuing new credit, we empower consumers to optimally leverage their existing credit lines, unlocking substantial upside for merchants.”

He added:

“Credit cards are among the most effective tools for personal cash flow when managed wisely. Float stands out by enhancing that responsible use and preserving the credit card as the primary payment mechanism. We offer shoppers financial flexibility and control, helping them maintain budgets and credit health, while merchants benefit from larger ticket sizes and greater customer loyalty.”

From the investment side, Theo van den Berg of Invenfin praised Float’s differentiated approach:

“Float’s card-linked model addresses a clear gap in South Africa’s payments ecosystem and encourages responsible spending. Their impressive momentum, seasoned leadership team, and scalable platform make this an exceptionally compelling investment in the fintech space.”

Johann Snyman, Private Equity Principal at SAAD Investment Holdings, echoed the sentiment:

“We’re passionate about supporting driven entrepreneurs building remarkable enterprises—Float exemplifies both, and we’re enthusiastic about partnering with Alex and his team for the journey ahead.”