visimoney
TLDR:
- Float, a South African fintech startup, has secured an $11 million funding facility from Standard Bank to support its card-linked installments platform.
- The platform allows shoppers to split payments over up to 24 interest-free, fee-free monthly installments using their existing credit cards.
South African fintech startup Float has secured a US$11 million funding facility from Standard Bank to facilitate the rollout of its card-linked installments platform, supporting its accelerated growth plans over the next four years. The startup’s technology allows shoppers to split their payments over up to 24 interest-free, fee-free monthly installments using their existing Visa or Mastercard credit cards, without the need for sign-up or registration. The funding will help Float expand its merchant base and scale its operations in the coming years.
Float founder and CEO Alex Forsyth Thompson expressed excitement about the partnership with Standard Bank, highlighting the benefits of offering flexible payment options to South African credit consumers. The loan, structured as a revolving credit facility, provides long-term security and flexibility for Float, ensuring its continued growth and success in the fintech space.
