Float Raises R46M to Scale Card-Linked BNPL

South African fintech Float has secured R46 million in funding to scale its operations, enhance its proprietary technology, and expand its market reach. The round was co-led by Invenfin and SAAD Investment Holdings, with continued support from existing investors including Platform Investment Partners. Lighthouse Venture Partners also participated and played an advisory role in the deal.

The latest capital injection comes on the back of a R200 million credit facility secured earlier this year from Standard Bank, earmarked to support Float’s growth capital requirements.

“This funding round represents a significant vote of confidence in our approach to responsible credit usage, our ability to deliver genuine value to both merchants and shoppers, and the international scalability of our solution,” said Alex Forsyth-Thompson, founder and CEO of Float. “While other platforms focus on issuing new credit, we’re empowering millions of consumers to manage their existing credit better, while further unlocking a multi-trillion-dollar opportunity for merchants.”

How Float’s Card-Linked BNPL Platform Works

Founded in 2021, Float is Africa’s first card-linked instalment platform, enabling shoppers to split purchases into interest- and fee- free instalments using their credit cards. Unlike traditional ‘buy-now-pay-later’ (BNPL) models, Float does not issue new credit or penalise users with late fees. Instead, it enhances the utility of customers’ existing credit card facilities, promoting responsible credit usage while delivering a frictionless payment experience.

“Credit cards remain one of the best cashflow tools available to consumers when used responsibly,” Forsyth-Thompson added. “What sets Float apart is our focus on enabling that responsible usage while keeping the credit card as the preferred way to pay. By giving shoppers more flexibility and control, we help them manage their budgets and maintain strong credit records, all while merchants benefit from higher-value transactions and increased customer loyalty.”

Rapid Growth and Strong Market Adoption

Since launching, Float has achieved exponential growth, now serving over 2000 retail stores across South Africa. The platform processes thousands of high-value transactions monthly, with average order values of around R10 000.

Float has forged strategic partnerships with key payment processors such as Peach Payments and Adumo, enabling seamless omnichannel processing across online, in-store and payment link environments. The fintech also counts some of South Africa’s most recognised retail brands among its merchant partners, including iStore, Samsung, The Pro Shop, CycleLab, Dial-a-Bed, Cape Union Mart, and MiFitness.

“Our strong network of retail and technology partners is integral to delivering a consistent and scalable experience,” said Paul Masson, CFO and COO at Float. “We’ve focused heavily on building a reliable, secure, and scalable infrastructure that works for both consumers and merchants.”

Investor Confidence in Float’s Vision

In addition to its growing customer and merchant base, Float’s card-linked approach and infrastructure model are adaptable to multiple global markets, offering a significant growth runway outside South Africa, making it attractive to investors.

Commenting on the investment, Theo van den Berg, investment executive at Invenfin, expressed confidence in Float’s long-term potential.

“We’ve been very impressed with Alex, Paul Masson, CFO and COO, the Float team’s execution and ambition and are proud to partner with them. Float has created a genuinely differentiated proposition in the South African payments landscape, with its card-linked approach addressing a clear market gap while promoting responsible credit usage. The company’s impressive market traction, combined with its experienced management team and scalable technology platform, makes this an extremely compelling investment opportunity in the fast-growing fintech sector.”