Making money is a continuous process, and as a small business owner, you need to understand the importance of smooth cashflow and money management as this could have a direct way of ensuring the longevity of your business. Dealing with cash flow and providing a seamless financial operating system is exactly what Float Africa handles…
Float is a Ghanaian fintech start-up that intends to solve the cashflow problem for entrepreneurs and start-ups by offering flexible loan lines and cash management services to Africa’s small and medium-sized businesses.
The company has software tools that can help businesses open a business account, manage accounts and wallets in one dashboard, automate bills, payment links, invoice advance and collections, budget management, earnings advances, spend cards, and instant pay-outs, in addition to flexible existing loans for businesses to cover cash flow gaps.
Float, previously Swipe, was founded in April 2020 by Jesse Ghansah and Barima Effah and launched its products in June 2021 following a rebrand. In that period, the company which operates in Ghana and Nigeria has onboarded hundreds of businesses in a variety of industries and spent $10 million on credit and cash loans to businesses.
Float just secured $17 million in a seed round, with plans to deploy the funds to establish subsidiaries in Kenya and South Africa, as well as to expand its cash management platform and create new loan products customized to certain company verticals and sectors.
So far, the company has offered loan facilities to a large set of formal SMBs in Sub-Saharan Africa that have been unable to obtain the necessary finance to develop their businesses through traditional banks.