Float Raises USD 2.6 M To Scale Card-Linked BNPL In South Africa

South African fintech Float, a card-linked instalment platform, has raised USD 2.6 M (ZAR46 M) in a round co-led by Invenfin and SAAD Investment Holdings, with participation from Platform Investment Partners, Lighthouse Venture Partners, and other existing backers.

Founded in 2021 by Alex Forsyth-Thompson (CEO) and Paul Masson (CFO/COO), Float is reimagining how consumers use credit. Instead of issuing new loans like traditional “buy now, pay later” players, Float helps shoppers split purchases into interest- and fee-free instalments using their existing credit cards. The model promotes responsible usage while boosting merchant sales.

The platform now serves 2,000+ stores, processes thousands of high-value transactions monthly, and drives average order values of around ZAR 10 K, above merchant averages. Partners include iStore, Samsung, Cape Union Mart, and Dial-a-Bed, alongside integrations with Peach Payments and Adumo.

“While other platforms focus on issuing new credit, we’re empowering millions of consumers to manage their existing credit better,” said Forsyth-Thompson.

The fresh round builds on the USD 11 M facility from Standard Bank secured last year, giving Float significant runway to scale locally and prepare for international expansion.