Float has secured USD 11 million in funding round from Standard Bank , aimed at the acceleration of its development strategy and the rollout of its platform. Following this announcement, Standard Bank has provided a USD 11 million facility to the fintech startup in order to facilitate the rollout of its card-linked installment platform.

At the same time, the funds will be leveraged to accelerate Float’s overall development strategy over the next four years. More information on the funding round Float represents a new payment method that was developed in order to encourage responsible credit card usage and to optimise the manner in which merchants and traders grow their overall sales. At the same time, the company’s proprietary technology is expected to allow shoppers and customers to make purchases and split their payments over up to 24 interest-free, as well as access fee-free monthly installments.

This will take place by using the available limit which is set on their existing Visa and Mastercard credit cards. Float does not issue customers with new credit or charge late fees, while also being available to be configured for merchants in terms of the settlement model, the number of installments offered to users, as well as the channel – online, in-store, or through a payment link. Float is a company that already works with multiple preapproved credit cards in the region of South Africa.

The firm provides clients and partners with the possibility to access its services with no sign-up, registration, or credit check process, aiming to make the procedure easier and more efficient. Float also has a well-established merchant base which is expected to be increased in the future. The loan has been designed in order to represent a revolving credit facility and to ensure the long-term safety, privacy, and flexibility of funding for Float.

The partnership with Standard Bank is expected to optimise the process of developing Float’s market position, while also enabling the firm to deliver an improved experience and value to its customers. The focus will remain on meeting the needs, preferences, and demands of its clients, while also maintaining financial discipline and driving sustainable profitability in an ever-evolving market. In addition, Float also aligns with Standard Bank’s strategy of driving sustainable development, as well as supporting fintech businesses and enterprises that promote financial inclusion and digitalisation across the region of Africa.

Both companies will prioritise the process of remaining compliant with the regulatory requirements and laws of the local industry at the same time. .