Ghana-based FinTech company Float, which helps SMEs manage cashflow, has reportedly collected $17m in its seed round.
The funding round was comprised of a mixture of debt and equity, according to a report from TechCrunch.
Cauris Finance supplied the $10m of debt, while the remaining $7m of equity was supplied by Tiger Global, JAM Fund, Kinfolk, Soma Capital, Ingressive Capital and Magic Fund. Several unnamed angel investors also committed capital to the equity injection.
With the funds, the company plans to launch its services in South Africa and Kenya by Q2 2022. Float will also use the capital to improve its cash management services and launch products aimed at specific business verticals and industries, it said.
Float was originally founded by Jesse Ghansah and Barima Effah in April 2020 as Swipe. It later rebranded to Float and launched its services in June 2021.
Its services, which are live in Ghana and Nigeria, helps companies manage their cashflow and access credit to cover expenses such as payroll and inventory. Users can consolidate all of their cash balances and transactions across all business accounts, payment processors and wallets. Through this, they have real-time visibility and control of funds.
It also automates business payments and invoices, as well as manage vendors and suppliers.
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