With this finance, Float will be able to support its rapid expansion objectives over the next four years by implementing its unique card-linked instalment platform more easily.

Due to its unique technology, the firm stands out in the finance industry. Customers can purchase now and spread out their payments over up to 24 interest-free, fee-free monthly installments. This service makes use of the credit limit that is currently available on customers' Visa or Mastercard credit cards. With nearly seven million preapproved credit cards in use in South Africa at the moment, Float provides users with a smooth experience that eliminates the need for sign-up, registration, or credit checks.

By encouraging ethical credit card usage and increasing sales for retailers, this platform has greatly benefited both consumers and merchants. Float anticipates rapid growth from the solid merchant base it has built. Standard Bank's capital has been set up as a revolving credit facility, giving Float flexibility and long-term security.

The CFO of Float, Paul Masson, expressed his excitement about the collaboration with Standard Bank, emphasizing how it will help Float strengthen its position in the market and provide consumers with more value. Our market position will be strengthened by our cooperation with Standard Bank, which will allow us to provide even more value to our clients. Our priorities continue to be upholding financial restraint and fostering sustainable profitability as we move through this period of rapid expansion.

The CEO and creator of Float, Alex Forsyth Thompson, expressed his enthusiasm about the partnership and said he saw it as a significant turning point for the company. "Joining forces with Standard Bank is a significant turning point for our company and a great endorsement of our business model, its contribution to the payments ecosystem, and our team's and our company's future possibilities. We're about to reach a turning point in our growth, and Standard Bank's help will be essential to keeping our company going as we grow.

Numerous merchants in South Africa have embraced Float since its November 2021 launch, including well-known brands. Offering flexible and responsible payment methods that dramatically boost conversion rates and merchant average order values, the platform has shown to be a game-changer for merchants.

Standard Bank's backing is in line with Float's objective to transform the payments ecosystem in Africa and demonstrates the bank's dedication to fostering financial inclusion and sustainable growth.