Float, the card-linked instalment platform founded in South Africa, has expanded into the United Kingdom. The launch has been supported by the UK Government’s Global Entrepreneur Programme, which brings high-growth international businesses into the UK market.
The South African fintech lets shoppers split any purchase into up to 24 interest- and fee-free monthly instalments, using the credit they already have on their existing Visa or Mastercard credit card. There is no new credit issued, no additional sign-up process, and no app download required. The shopper gets more time to pay with their credit card, and also keeps their regular loyalty and rewards points.
Across its merchant base, Float increases average order value by ~134%*, with merchants seeing measurably larger baskets, improved conversion, and access to a higher-spending shopper segment.
Float founder and CEO Alex Forsyth-Thompson explains, “South Africa’s 5.5 million credit cardholders carry around R200 billion in outstanding balances, yet there is over R125 billion sitting unutilised on their cards. Because there’s a 30–55-day repayment window before interest applies, many shoppers routinely downsize baskets, defer purchases, or abandon checkout, not because they lack credit, but because the repayment window forces a trade-off between what they want and what is manageable. These shoppers don’t need more credit because their credit cards solve that. They just need more time.”
Across roughly 55 million credit cards, UK consumers are sitting on an estimated £250 billion in unused available credit. Nearly half of all credit card accounts incur interest in any given month, which indicates that for these consumers, the repayment cycle, not access to credit, is the constraint.
“The issue in the UK is on a far bigger scale, so it presents an enormous opportunity for us to expand and add the same value in a new market,” adds Forsyth-Thompson.
“We are already seeing success: merchant take-up has been significantly faster than our SA launch a few years ago, and we were recently shortlisted in the UK for the PAY360 Award for Best Consumer Payments Product and the Ecommerce Awards’ Best eCommerce Payment Solution.”
Since launching in South Africa in 2021, Float has grown to over 2,200 stores, including Samsung, iStore, The North Face, Cycle Lab, Tiger Wheel & Tyre, and others across consumer electronics, furniture and home, sports and leisure, automotive, luxury fashion and lifestyle, and healthcare.
Funding
Float has raised over R280m in equity and debt funding from Standard Bank (Africa’s largest bank), Invenfin (a Remgro subsidiary), Platform Investment Partners, Saad Investment Holdings, and others.
