To help Africa’s trade with financial flow, $17 M seed funding raised by Ghana’s Float
Float, a Ghanaian fintech firm that manages cash flow and expenditure for African businesses, has raised US $17 million in debt and equity early capital to accelerate its development and offer additional products.
Small companies may use Float to get credit lines, as well as tools to manage their accounts and wallets in one place, as well as solutions to automate bill payments, vendor and supplier payments, and invoice collections. Simply defined, it aspires to act as a “financial operating system” for organizations.
The firm has onboarded hundreds of clients across a wide range of sectors since its introduction six months ago, and it now hopes for faster expansion after securing a US $17 million seed investment. Tinder co-founder Justin Mateen’s JAM Fund and Tiger Global led the deal, with Cauris providing loan funding.
Michael Seibel (YC CEO – Float is an alumnus, and founder Jesse Ghansah has gone through the accelerator twice), Sandy Kory (Horizon Partners), Karim Atiyeh and Eric Glyman (founders of Ramp), Gregory Rockson (mPharma), Zach Lipson, and Ross Lipson (founders of mPharma) also participated in the round (founders of Dutchie).
According to Ghansah, the new funds will be used to accelerate the development of the company’s cash management platform and to create new credit products customized to certain business verticals and industries.
“Float set out on a mission to provide more cash flow and liquidity for millions of businesses across the continent to help them grow and reach their true potential,” he said.
“With this new funding, we will continue to refine both our credit and software products to deliver the best experiences for our fast-growing customer base. We are excited to be the growth partner of choice for businesses across Africa.”
In the first six months of operation, Float received US $6 million in credit expenditures and cash advances to companies, and its payment transaction volume has increased 26 times as more clients utilize Float to manage both domestic and international business payments.
