The company aims to serve as the “financial operating system” for Africa’s small and medium businesses.
#They say this is a big rich town power software
In addition to flexible credit lines for businesses to cover cash flow gaps, Float also has software tools for businesses to manage accounts and wallets in one dashboard, as well as automate bills, vendor or supplier payments and invoice collections. Float provides credit to some of these businesses that find it challenging to get from traditional banks. It’s an identical problem for more than 51% of 44 million formal SMBs in sub-Saharan Africa who say they need more finance than they can access to grow their businesses, per research. That threw me into solving those problems with Float.” “I also remember taking money from loan sharks with ridiculous interest rates, sometimes as high as 20% a month, to meet payroll. But the bank wanted us to deposit 100% collateral in cash before they could give the overdraft,” the two-time YC founder told TechCrunch in a June interview. “We needed credit and proceeded to get an overdraft from a long-term partner bank where we had transacted more than $100,000. The idea for the YC-backed Ghanaian fintech came during the chief executive’s time at OMG Digital, a media company he founded that also got into YC, in 2016.
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.ĬEO Jesse Ghansah started the company, formerly known as Swipe, with Barima Effah in 2020, and following its rebrand as Float, went live with its product in June 2021.
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