The $11 million facility from Standard Bank will support Float’s accelerated growth plans over the next four years.
- Float’s card-linked instalment platform encourages responsible credit card usage by allowing shoppers to split payments over interest-free, fee-free monthly instalments using their existing Visa or Mastercard credit cards.
- Float works with almost seven million preapproved credit cards in South Africa and eliminates the need for sign-up, registration, or credit checks for consumers.
- Float already has a well-established merchant base and expects significant growth in the future, further expanding its network.
- The loan from Standard Bank is structured as a revolving credit facility, providing Float with long-term security and flexibility of funding.
- Float’s partnership with Standard Bank strengthens its market position and enhances its ability to deliver value to customers while maintaining financial discipline and driving sustainable profitability.
- Float has had a significant impact on its merchants’ sales, with increased conversion rates and a 134% average order value increase based on a recent case study across hundreds of merchants.