Float, a card-linked instalment platform founded in South Africa, has expanded into the United Kingdom with support from the UK Government's Global Entrepreneur Programme. The fintech enables shoppers to split purchases into up to 24 interest- and fee-free monthly instalments using existing Visa or Mastercard credit, without issuing new credit or requiring app downloads. Float's expansion targets the UK's estimated £250 billion in unused credit card capacity across roughly 55 million cards, replicating its South African model where it increases merchant average order value by approximately 134%.
Float Splits Purchases Into 24 Instalments Using Existing Credit Cards
Float allows shoppers to divide any purchase into up to 24 interest- and fee-free monthly instalments using credit already available on their existing Visa or Mastercard credit cards. The platform issues no new credit, requires no additional sign-up process, and does not require app downloads. Shoppers receive extended repayment time while retaining regular loyalty and rewards points from their credit card issuers.
Float founder and CEO Alex Forsyth-Thompson stated, "South Africa's 5.5 million credit cardholders carry around R200 billion in outstanding balances, yet there is over R125 billion sitting unutilised on their cards. Because there's a 30–55-day repayment window before interest applies, many shoppers routinely downsize baskets, defer purchases, or abandon checkout, not because they lack credit, but because the repayment window forces a trade-off between what they want and what is manageable. These shoppers don't need more credit because their credit cards solve that. They just need more time."
South Africa and UK Markets Show Significant Unutilized Credit Capacity
In South Africa, 5.5 million credit cardholders carry approximately R200 billion in outstanding balances, with over R125 billion in unutilized credit remaining on their cards. The UK market operates on a larger scale, with roughly 55 million credit cards holding an estimated £250 billion in unused available credit. Nearly half of all UK credit card accounts incur interest in any given month, indicating that repayment cycles, rather than credit access, constrain consumer purchasing behavior.
Forsyth-Thompson commented, "The issue in the UK is on a far bigger scale, so it presents an enormous opportunity for us to expand and add the same value in a new market."
Float Operates in 2,200 Stores and Receives UK Award Nominations
Since launching in South Africa in 2021, Float has expanded to over 2,200 stores. Its merchant base includes Samsung, iStore, The North Face, Cycle Lab, Tiger Wheel & Tyre, and retailers across consumer electronics, furniture and home, sports and leisure, automotive, luxury fashion and lifestyle, and healthcare sectors. Across its merchant base, Float increases average order value by approximately 134%, with merchants reporting measurably larger baskets, improved conversion rates, and access to higher-spending shopper segments.
Forsyth-Thompson stated, "We are already seeing success: merchant take-up has been significantly faster than our SA launch a few years ago, and we were recently shortlisted in the UK for the PAY360 Award for Best Consumer Payments Product and the Ecommerce Awards' Best eCommerce Payment Solution."
Float Raises R280m From Standard Bank and Other Investors
Float has raised over R280 million in equity and debt funding from Standard Bank (Africa's largest bank), Invenfin (a Remgro subsidiary), Platform Investment Partners, Saad Investment Holdings, and other investors.
FAQ
What does Float's card-linked instalment platform do?
Float allows shoppers to split any purchase into up to 24 interest- and fee-free monthly instalments using the credit already available on their existing Visa or Mastercard credit cards, without issuing new credit or requiring app downloads.
How much unused credit capacity exists in the UK market Float is entering?
Across roughly 55 million credit cards, UK consumers hold an estimated £250 billion in unused available credit, with nearly half of all credit card accounts incurring interest in any given month.
Which companies have invested in Float?
Float has raised over R280 million in equity and debt funding from Standard Bank (Africa's largest bank), Invenfin (a Remgro subsidiary), Platform Investment Partners, Saad Investment Holdings, and other investors.
