Float is a fintech startup in Ghana that manages cash flow and offers a platform to help businesses in Africa. It has raised US$17 million in equity and debt seed funding to accelerate its development.
Float offers credit lines for small businesses. It also provides tools to manage business accounts, wallets, and bills in one dashboard. It is a “financial operation system” that businesses can use.
The startup launched six months ago and has since enrolled hundreds of customers from a variety of industries. It now plans to grow faster after securing a US$17million seed round. Justin Mateen, Tinder’s co-founder, led the round with Tiger Global and JAM Fund. Cauris provided debt financing.
Kinfolk and Ingressive Capital were also part of the round. Other notable angels included Sandy Kory (Horizon Partners), Karim Athiyeh (founders Ramp), Gregory Rockson, Ross Lipson, and Zach Lipson (founders Dutchie).
Ghansah stated that the company will use the capital to accelerate the development of its cash management platform as well as launch new credit products for specific industries and business verticals.
He said that Float was on a mission “to provide more liquidity and cashflow for millions of African businesses to help them grow and reach the full potential of their business.”
“With this funding, we will continue to improve our credit and software products in order to provide the best experience for our rapidly-growing customer base. We are thrilled to be the preferred growth partner for African businesses.
Float has seen its credit spend and cash advances to businesses reach US$6million in just six months. It also saw its payment volume grow 26x due to more customers using Float to manage their international and local business payments.