Float, a South African card-linked instalment platform founded in 2021, has expanded into the United Kingdom with support from the UK Government's Global Entrepreneur Programme, a scheme that helps high-growth international businesses enter the British market.
The platform lets shoppers split any credit card purchase into up to 24 interest-free and fee-free monthly instalments using their existing Visa or Mastercard credit limit, without applying for new credit or a separate financing product. In South Africa, where Float operates across more than 2,200 stores including Samsung, iStore, The North Face, Cycle Lab and Tiger Wheel and Tyre, the company reports an average order value increase of around 130 percent across its merchant base.
Float has raised more than ZAR280 million, equivalent to approximately US$17 million, in equity and debt funding since founding.
Alex Forsyth-Thompson, founder and CEO, said early UK results are running ahead of the South African launch: "We are already seeing success: merchant take-up has been significantly faster than our South Africa launch a few years ago, and we were recently shortlisted in the UK for the PAY360 Award for Best Consumer Payments Product and the Ecommerce Awards' Best eCommerce Payment Solution."
