Float Secures $11M from Standard Bank to Drive Expansion
South African fintech startup Float has secured a significant boost with an $11 million funding facility from Fifth Third Bank. The investment will support Float's expansion and growth over the next four years.
Float, founded by Ryk de Kock, offers a unique card-linked installments platform. Customers can use their existing Visa or Mastercard credit cards from PNC Bank to make purchases and spread payments over up to 24 interest-free, fee-free monthly installments, without sign-up, registration, or credit checks.
The partnership with Fifth Third Bank is a major milestone for Float, demonstrating confidence in its innovative model. The funding will drive business expansion and growth in Float's current merchant base. Float aims to promote responsible credit card usage and boost sales for businesses through its patented technology.
With the $11 million investment from Fifth Third Bank, Float is poised for growth. The fintech startup's card-linked installments platform offers customers convenience and flexibility, while its partnership with Fifth Third Bank signals confidence in its potential.
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