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.