Standard Bank Provides USD 10.5 M Growth Facility To Float Technologies

Standard Bank is proud to announce its provision of a growth facility to Float Technologies Proprietary Limited (Float). As the mandated lead arranger and sole funder, Standard Bank has provided a ZAR200m (USD 10.5 M) facility to Float, which will be used to facilitate the rollout of its card-linked instalment platform, supporting its accelerated growth plans over the next four years.

Founded in 2021 by Alex Forsyth Thompson, Float is a payment method that encourages responsible credit card usage and, at the same time, helps merchants to grow their sales. The startup’s proprietary technology lets shoppers buy now and split their payments over up to 24 interest-free, fee-free monthly instalments using the available limit on their existing Visa or Mastercard credit card. Float aligns with Standard Bank’s strategy of driving sustainable growth and supporting fintech businesses which promote financial inclusion and digital transformation across Africa.