 to expand its card-linked instalment platform, co-led by Invenfin){kind=link}
South African fintech startup Float has secured $2.6 million (R46 million) to expand its card-linked installment platform, in a round co-led by Invenfin and SAAD Investment Holdings, with participation from Platform Investment Partners and advisory support from Lighthouse Venture Partners.
Founded in 2021, Float is Africa’s first card-linked instalment platform, allowing shoppers to split purchases into interest-free, fee-free monthly payments using their existing credit cards. Unlike many “buy now, pay later” firms that issue new credit, Float leverages current credit lines, which founder and CEO Alex Forsyth-Thompson says promotes “responsible credit usage” and strengthens consumers’ financial health.
The company, which last year secured an $11 million funding facility from Standard Bank, plans to use the new capital to scale operations in South Africa, enhance its proprietary technology, and prepare for international market entry.
Float already works with over 2,000 stores, processing thousands of high-value transactions monthly. Merchants using the platform report average order values of about ZAR10,000 ($570) and increases of more than 130% in transaction size, according to the company.
“We’re empowering millions of consumers to better manage their existing credit while opening up a multi-trillion-dollar opportunity for merchants,” Forsyth-Thompson said in an interview.
The fintech has also struck partnerships with payment processors Peach Payments and Adumo, enabling seamless online, in-store, and payment-link processing.
Investors say Float’s model fills a gap in South Africa’s payments landscape. “Float has created a differentiated proposition with its card-linked approach, which promotes responsible credit usage,” said Theo van den Berg, investment executive at Invenfin. “The company’s traction, experienced management, and scalable platform make this a compelling opportunity.”
Float is currently riding a triple-digit growth trajectory, with its leadership team including CFO and COO Paul Masson positioning it as a challenger in Africa’s fast-growing fintech sector.