Float, a South African payments startup, is taking a card-linked instalment product developed at home to one of the world’s most sophisticated fintech markets, with the belief that innovation built for Africa can compete globally.
The Johannesburg-founded payments company, which enables shoppers to split purchases made on existing credit cards into interest-free instalments, has expanded into the United Kingdom (UK). Rather than viewing Britain as a market to learn from, Float believes the constraints of building in South Africa have given it a competitive advantage in one of the world’s most sophisticated fintech ecosystems.
The move reflects a broader shift in African fintech, in which homegrown payment infrastructure and business models are being exported to developed markets rather than simply imported from them.
“We think it’s a broader story than just Float,” founder and chief executive officer (CEO) Alex Forsyth-Thompson told TechCabal in an interview. “South Africa has built genuinely world-class payments and fintech capabilities. On a relative basis, South Africa is as, if not more, competitive than the UK.”
Founded in 2021, Float is a card-linked instalment platform that allows consumers to convert purchases made with their existing Visa or Mastercard credit cards into interest- and fee-free monthly instalments of up to 24 months. Unlike traditional buy now, pay later (BNPL) providers, Float does not issue new credit or require customers to apply for another loan. Instead, it works within the customer’s existing credit card facility, with merchants paying Float a fee for the service.
