Ghanaian fintech startup Float raises over $15 million for African commerce

Ghanaian fintech startup Float raised over $15 million in equity to expand its capacity and cultivate its geographical reach.

The initial seed was in parts; $7 million equity and $10 million debt. The investment brought in Big Tech Business Giants such as Cauris, Tiger Global and JAM Fund, which is the investment firm of Tinder co-founder Justin Mateen. Venture capital firms such as Kinfolk, Soma Capital, Ingressive Capital, and Magic Fund were also involved in the seed.

A couple of angel investors also took part: Y Combinator CEO Michael Seibel, Sandy Kory of Horizon Partners, Ramp founders Karim Atiyeh and Eric Glyman, Gregory Rockson of mPharma and Dutchie founders Zach Lipson and Ross Lipson.

Float’s primary deliverable is to give flexible credit lines for small and medium businesses and startups to cover cash flow gaps. The Ghanaian company also provides software tools for businesses to manage accounts and wallets in one dashboard, as well as automate bills, vendor or supplier payments, and invoice collections. The company aims to serve a primary financial incubator and growth plug Africa’s present and emerging small and medium businesses.

Founded in 2020 by Jesse Ahin Ghansah and Barima Effah, Float is setting up to be the next big fintech giant on the continent. The lending platform doubles up by offering invoice advances, payment links and budget management for businesses that need them.

This is an amazing feat and we cannot wait to witness the impact and empowerment Float is poised to pervade across the continent.