South African fintech Float, a card-linked instalment platform, has raised $2.6 million (R46 million). The funding will be used to accelerate its local growth and prepare for expansion into new markets.
This round was co-led by Invenfin and SAAD Investment Holdings.
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Float differentiates itself in the crowded credit space by focusing on optimising existing credit cards rather than issuing new lines of credit. The company allows consumers to manage their current credit more responsibly. Merchants, on the other hand, gain access to a multi-trillion-dollar opportunity through improved consumer spending power.
“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,” said Alex Forsyth-Thompson, Float’s Founder and CEO.
Float’s approach is particularly relevant in South Africa, where rising consumer debt levels and tighter lending regulations are shaping how people access and use credit. Float positions itself as an alternative to traditional “buy now, pay later” (BNPL) platforms, with this tool as its focuses on responsibly stretching existing credit and not just extending new credit lines.
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