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Ghanaian fintech startup Float, a cash flow management and spend platform for businesses in Africa, has closed a USD 17 Mn round of debt and equity seed funding to speed its development and launch new products. The round was led by JAM Fund and Tiger Global, with debt financing provided by Cauris.
Kinfolk, Soma Capital, Ingressive Capital, and Magic Fund also participated in the round, and some notable angels including Michael Seibel, Sandy Kory (Horizon Partners), Karim Atiyeh and Eric Glyman (founders of Ramp), Gregory Rockson (Pharma), and Zach Lipson and Ross Lipson (founders of Dutchie).
Float provides credit lines to small businesses, as well as tools to manage business accounts and wallets in one dashboard, and tools to automate bills, vendor and supplier payments, and invoice collections. The startup plans to use the new capital to speed up the development of its cash management platform and launch new credit products tailored for specific business verticals and industries.