Why a South African fintech chose the UK before the rest of Africa

In a modest office in Johannesburg, a group of innovators had a vision: to disrupt the way people shop by giving them a new way to pay. It was 2021, and Alex Forsyth-Thompson, the founder and CEO of Float, was convinced that his team had what it took to build a payments platform that could compete globally. Fast forward to 2026, and Float had become a card-linked instalment platform that allows consumers to convert purchases made with their existing Visa or Mastercard credit cards into interest- and fee-free monthly instalments of up to 24 months. The platform has already signed over 2,200 merchants in South Africa, including Samsung, iStore, The North Face, Cycle Lab, and Tiger Wheel & Tyre.

Float's expansion into the UK is a significant milestone in its journey. Rather than viewing Britain as a market to learn from, Float believes that the constraints of building in South Africa have given it a competitive advantage in one of the world's most sophisticated fintech ecosystems. According to Forsyth-Thompson, South Africa has built genuinely world-class payments and fintech capabilities. On a relative basis, South Africa is as, if not more, competitive than the UK. This confidence is reflected in Float's decision to expand into the UK before pursuing broader African expansion.

While many African fintechs are chasing continental expansion, Float's founders believe that building in South Africa has given them a unique edge. The company has raised more than R280 million ($17.1 million) in equity and debt funding from investors including Standard Bank, Invenfin, Platform Investment Partners, and Saad Investment Holdings. This funding has enabled Float to develop a card-linked instalment product that works within the customer's existing credit card facility, with merchants paying Float a fee for the service. Unlike traditional buy now, pay later (BNPL) providers, Float does not issue new credit or require customers to apply for another loan.

Float's expansion into the UK reflects a broader shift in African fintech, in which homegrown payment infrastructure and business models are being exported to developed markets rather than simply imported from them. We think it's a broader story than just Float, Forsyth-Thompson told TechCabal in an interview. This shift is driven by the growing confidence of African fintechs in their ability to compete globally. With the support of the UK Government's Global Entrepreneur Programme, Float is well-positioned to take advantage of this opportunity.

Float's card-linked instalment platform is designed to make shopping more accessible and affordable for consumers. By working within the customer's existing credit card facility, Float eliminates the need for new credit applications or loan approvals. This approach has resonated with merchants, who see the benefits of a simple and fee-based payment solution. As Float continues to expand into new markets, its focus on innovation and customer convenience is likely to remain a key differentiator.

• Founded in 2021
• Raised over R280 million ($17.1 million) in equity and debt funding
• Signed over 2,200 merchants in South Africa
• Expanding into the UK with the support of the UK Government's Global Entrepreneur Programme

As I reflect on the story of Float, I am struck by the confidence and ambition of its founders. In a world where many African fintechs are chasing continental expansion, Float is taking a bold step by expanding into one of the world's most sophisticated fintech ecosystems. With its card-linked instalment platform and focus on innovation, Float is poised to make a significant impact in the UK market. As the fintech landscape continues to evolve, it will be interesting to see how Float's approach to payment solutions resonates with consumers and merchants alike.