A new payment option called Float helps businesses increase sales while promoting responsible credit card use. Using the available limit on their current Visa or Mastercard credit card, customers can purchase now and spread out their payments over up to 24 interest-free, fee-free monthly installments thanks to the startup's exclusive technology.

In South Africa, Float now operates with about seven million preapproved credit cards, and users do not need to register, sign up, or undergo a credit check.

With a solid merchant base already in place, Float anticipates rapid growth. Because of the loan's revolving credit facility structure, Float will have flexible and long-term funding options.

Paul Masson, CFO of Float, says, "Our relationship with Standard Bank will help us strengthen our position in the market and provide even more value to our clients. Our priorities continue to be sustaining financial discipline and promoting sustainable profitability as we move through this period of rapid expansion."

Standard Bank offered Float a customized solution that best met its needs, supporting its expansion goals and giving its management team access to development finance.

"Partnering with Standard Bank is a major milestone for our business and is a huge vote of confidence in our model, its value to the payments ecosystem, and the future prospects of our team and business," said Alex Forsyth Thompson, founder and CEO of Float. 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 well-known retailers, such as iStore, Samsung, The Pro Shop, CycleLab, Dial-a-Bed, Cape Union Mart, and many more, have embraced Float since its inception in November 2021.

According to Forsyth-Thompson, Float has significantly impacted the sales of their merchants. "South African credit customers provide their business and loyalty to businesses that provide them with flexible and responsible payment options. They receive exactly that from Float, and as a result, conversion rates have skyrocketed and average order values for our merchants have increased by 134%, according to a recent case study involving hundreds of our merchants. With new collaborations and merchants in the works, this money guarantees our ability to grow over the coming years."

Float is in line with Standard Bank's objective of fostering sustainable growth and aiding fintech companies that advance digital transformation and financial inclusion throughout Africa.