FinTech Float expands to UK

The company links to consumers’ existing credit cards, provides the option of paying in instalments without a new line of credit, and offers up to 12 months of instalments with no interest or fees, according to the report

Float, which has offered credit card-linked instalment payment options in South Africa since 2021, expanded to the United Kingdom, Motor Trade News reported Tuesday.

The company links to consumers’ existing credit cards, provides the option of paying in instalments without a new line of credit, and offers up to 12 months of instalments with no interest or fees, according to the report.

In South Africa, Float offers this option across more than 2,000 shops, per the report.

The company has found that its instalment payment options enable merchants to get bigger baskets and more conversions without discounting or offering new loans, Float Founder and CEO Alex Forsyth-Thompson said in the report.

Millions of U.K. consumers don’t need more credit—they need more time, Forsyth-Thompson said. Instead of a trade-off between paying down their credit card balance, taking out new credit or point-of-sale finance, or abandoning the purchase entirely, with Float, merchants can now offer their shoppers an alternative.

In a blog post on its U.K. website, Float said that card-linked instalments are especially useful for high-ticket items in categories such as consumer electronics and pre-owned tech; sports, leisure and outdoor equipment; and home furnishings and interiors.

Credit card holders making bigger, more deliberate purchases need something built for that moment, the post said. That’s where card-linked instalments come in—no order limits, no new credit application, no ceiling on what your checkout can process.

For merchants, Float’s card-linked instalments have delivered a 134% average uplift in average order value, 20% to 30% higher conversion rates, an average basket size of around 500 pounds (about $668) and no cap on order size, according to the post.