Float, a Ghanaian cash management startup, has raised a $17 million seed round in equity and debt funding. The $10 million debt financing was provided by Cauris while Tiger Global and JAM Fund, co-led the $7 million. Other Venture Capital firms involved in the equity round include Kinfolk, Soma Capital, Ingressive Capital, and Magic Fund.
A couple of angel investors also took part including 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.
Founded as Swipe by Jesse Ghansah and Barima Effah in 2020, Float is the next-generation cash management platform for SMBs and startups in Africa. Businesses use Float to manage and monitor their cash flow in real-time, make vendor/supplier payments, and access instant credit for critical business expenses. Following its rebrand as Float, it went live with its product in June 2021.
Float, present in Ghana and Nigeria, intends to use this new investment to launch its operations in Kenya and South Africa by Q2 as soon as it gets licenses to operate.
The startup will also use the investment to improve its cash management platform and launch new credit products tailored to specific business verticals and industries.
Commenting, CEO Ghansah said: “Float set out on a mission to provide more cash flow and liquidity for millions of businesses across the continent to help them grow and reach their true potential. With this new funding, we will continue to refine both our credit and software products to deliver the best experiences for our fast-growing customer base. We are excited to be the growth partner of choice for businesses in Africa.”
