Tech in Africa
Ghana credit line fintech Float has raised $17 million funding in a part equity and debt funding seed round. Debt finance was advanced by Cauris while Tiger Global and the JAM Fund co-led the equity raise alongside Ingressive Capital, Soma Capital, Kinfolk, Magic Fund, and several noteworthy angel investors. The investment will go towards improving its cash management platform and launching new business products tailored to certain industries and verticals.
Float was founded in 2020 by Jesse Ghansah (CEO) and Barima Effah. The company went live with its product offering in June 2021 after undergoing a rebranding from its former name Swipe.
The startup that provides credit lines for businesses just raised $17 million that will go towards bolstering its offering and expanding its geographical presence. In addition to credit lines for SMBs, Float also displays software tools where businesses can manage their accounts and wallets from a single dashboard – in addition to automating their bills, vendor-supply payments, and invoice collections.
One can also receive an invoice advance, open a business account, payment links, and manage budget and spend cards on this platform.
As reported on TechCrunch, in the seven months since Float launched, the company has done $10 million in credit spending and cash advances. Other African companies operating in the same space as Float are Prospa, Brass, and Sparkle offering financial, cashflow support, and software services for businesses.
Source: TechCrunch
