South Africa’s Float raises $2.6m to fuel expansion

September 11, 2025

Float, the South African FinTech startup, has raised $2.6m in a fresh funding round.

The round was led by Invenfin, Remgro’s venture and growth capital division, alongside SAAD Investment Holdings, according to a report from Empower Africa. Float’s existing backers, including Platform Investment Partners, also participated, with Lighthouse Venture Partners joining as both an investor and strategic advisor.

Founded to provide a more responsible approach to credit usage, Float allows consumers to split larger purchases into up to 24 monthly instalments using their existing credit card limit. Unlike traditional credit offerings, the service is fee-free, interest-free and requires no sign-up, paperwork or new credit applications. Shoppers can therefore spread payments without additional borrowing, while merchants benefit from higher order values, improved conversions, and direct access to millions of pre-approved shoppers.

The new funding will be used to expand Float’s footprint in South Africa, enhance its proprietary technology, and prepare for entry into international markets. The company says this supports its “triple-digit” year-on-year growth trajectory.

Float CEO and founder Alex Forsyth-Thompson said, “[This funding is] a strong endorsement of our vision for responsible credit usage, our capacity to create real value for merchants and shoppers, and our platform’s global scalability.

“Rather than issuing new credit, we empower consumers to optimally leverage their existing credit lines, unlocking substantial upside for merchants.”

He added, “Credit cards are among the most effective tools for personal cash flow when managed wisely. Float stands out by enhancing that responsible use and preserving the credit card as the primary payment mechanism. We offer shoppers financial flexibility and control, helping them maintain budgets and credit health, while merchants benefit from larger ticket sizes and greater customer loyalty.”