SA fintech startup Float gets $11m debt to grow merchant base

Float, a South African startup specializing in buy-now-pay-later solutions, has secured $11 million in funding from Standard Bank. The investment aims to facilitate the launch of Float's card-linked installment platform and drive growth over the next four years.

This funding milestone follows Float's collaboration with Samsung less than a year ago, where the startup provided South African consumers with flexible and responsible online shopping options. Maul Masson, CFO of Float, expressed confidence that the partnership with Standard Bank will fortify the company's market position and enable it to deliver enhanced value to its customers.

The startup already works with almost 7 million pre-approved credit cards in South Africa, and there is no sign-up, registration, or credit check process for consumers. It now expects to increase its well-established merchant base exponentially after securing the debt facility from Standard Bank.