Ghanaian fintech Float raises $17M seed to power cash flow for commerce in Africa

Long payment cycles, which can take 30-90 days after services or products have been rendered, and little or no capital, of which research says 85% of African small and medium businesses are subject to, are the main culprits of cash flow issues.Many startups are solving these problems for African SMBs in one form or another, and the demand for their services has seen Ghanaian startup Float pick up a significant round of funding. “And then, like it’s flexible in terms of how you can just take it out for a day and then repay the next day, for example.”Float, present in Ghana and Nigeria, intends to use this new capital to set up entities in Kenya and South Africa by Q2 as soon as it gets licenses to operate, Ghansah said on the call.The company will also use the investment to improve its cash management platform and launch new credit products tailored to specific business verticals and industries.“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,” said the chief executive in a statement.“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.