South African Fintech Float Expands into UK with Card-Linked Instalment Platform
South African Fintech Float Expands into UK with Card-Linked Instalment Platform. South African fintech company Float has entered the United Kingdom, marking its first international expansion as the business seeks to grow its card-linked instalment payment platform beyond its home market.
The expansion has been supported by the UK Government’s Global Entrepreneur Programme, which assists high-growth international businesses in establishing operations in the country.
Founded in South Africa in 2021, Float enables consumers to split purchases into up to 24 monthly instalments without interest or fees by using the available credit on their existing Visa or Mastercard credit cards. The platform does not issue new credit, nor does it require customers to submit an additional credit application or download a mobile app.
According to the company, the platform helps merchants increase average order values by approximately 134%, while also improving conversion rates and attracting higher-spending customers.
Float founder and chief executive Alex Forsyth-Thompson said South Africa’s estimated 5.5 million credit cardholders have more than R125 billion in unused available credit despite carrying around R200 billion in outstanding balances.
He said many consumers postpone or abandon purchases because of the standard repayment period associated with credit cards rather than a shortage of available credit.
Forsyth-Thompson said the opportunity in the United Kingdom is significantly larger, making it an important market for the company’s international growth strategy. He also noted that merchant adoption in the UK has progressed more rapidly than it did following Float’s launch in South Africa.
The company has also been shortlisted for industry recognition in the United Kingdom, including the PAY360 Awards and the Ecommerce Awards.
Since launching in South Africa, Float has expanded its network to more than 2,200 stores. Its retail partners include Samsung, iStore, The North Face, Cycle Lab and Tiger Wheel & Tyre, with the platform serving businesses across consumer electronics, automotive, furniture, fashion and healthcare.
