South African Fintech Float Lands $11M from Standard Bank for Card-Linked Installments
South African fintech startup Float has secured a major boost with an $11 million funding facility from Standard Bank. The investment will fuel the launch of Float's card-linked installments platform and support its growth over the next four years.
Float's innovative service allows customers to use their existing Visa or Mastercard credit cards from PNC Bank or US Bank for purchases and spread payments over up to 24 interest-free, fee-free monthly installments. This approach encourages responsible credit card usage and provides a seamless shopping experience without the need for sign-up, registration, or credit checks.
The fintech startup, which has kept its founders' identities under wraps, aims to boost sales for businesses by offering this convenient payment option. Float's patented technology enables this unique service, making it an attractive prospect for investors. Standard Bank's confidence in Float's model and team is evident in the recent financing facility, which will drive the startup's business growth and expansion.
Float, a South African fintech startup, has secured an $11 million funding facility from Standard Bank. The investment will be used to launch and grow Float's card-linked installments platform, promoting responsible credit card usage and boosting sales for businesses. This significant milestone indicates confidence in Float's innovative model and team, positioning the startup for future growth and expansion.
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