BNPL platform Float receives $11m funding from Standard Bank

South African BNPL platform Float has received a USD 11mn facility from Standard Bank for the rollout of its card-linked instalment platform.

The startup enables responsible credit-case use by allowing shoppers to split payments over up to 24 interest-free, fee-free monthly installments. For merchants, it offers flexible and responsible payment options and have, on average, had a 134% increase in average order values. Existing companies such as iStore, Samsung, The Pro Shop, CycleLab, Dial-a-Bed and Cape Union Mart have adopted the platform.

The company’s transaction values have grown 400% year-on-year since 2021.