Float secures $2.6M to accelerate growth in South Africa

Fintech startup expands its card-linked instalment solution and prepares for international scaling.

South African fintech Float, known for its interest- and fee-free instalment platform, has raised $2.6 million (R46 million) in a funding round co-led by Invenfin and SAAD Investment Holdings, with support from existing backers and Lighthouse Venture Partners.

The fresh capital will be used to strengthen Float’s local operations, enhance its proprietary technology, and set the stage for international expansion, as the company continues its rapid growth trajectory.

Founded in 2021, Float enables consumers to split purchases into flexible instalments using their existing credit cards, without adding new debt or incurring additional costs. The model aims to encourage responsible spending at a time when many cardholders struggle with repayments. The platform currently supports over 2,000 merchants and processes thousands of high-value transactions each month, with retailers reporting average order value increases of more than 130%.

Float’s differentiated approach focuses on responsible credit usage while offering merchants greater flexibility and customer loyalty. The company has also built strategic partnerships with leading payment processors, including Peach Payments and Adumo, enabling seamless omnichannel experiences both online and in-store.

In 2024, Float secured an $11 million (R200 million) credit facility from Standard Bank, providing additional resources to fuel its expansion.