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Float is a startup that helps African businesses solve their cash flow problems. Jesse Ghansah, co-founder and CEO of Float, talks about the cash flow problems that businesses face and the solution that Float offers to help solve the problem.
Cash flow problems that stem from the payments cycle of an organization continues to be a major problem for businesses today, Jesse Ghansah, co-founder and CEO of Float, said in an interview with TechCrunch. Float solves the problem with its credit solution.
Originally named Swipe, Float aims to tackle cash flow problems for small and medium-sized businesses in the African region. According to Mr. Ghansah, cash flow problems occur, typically after the product is serviced, when businesses have to wait for 30-90 days to receive payments for service. This causes them to fall behind in meeting their own expenses.
Research by TechCrunch revealed that about 85 percent of African SMBs have zero access to financing, and each day, African SMBs have billions locked up in receivables due to long payment cycles. The credit solution, actually a software credit-embedded solution offered by Float, allows businesses to withdraw money and make payments to their customers at critical moments.
Right now, we’ve built what we call the cash management tool for businesses where they get credit at the critical set of moments in time. We provide a credit line that businesses can tap into any time they want as soon as they are onboard to our platform, and it increases and decreases based on the transactions performed on our platform,Jesse Ghansah, co-founder and CEO of Float
Credit asunder, Float also provides invoicing, budgeting, and spend management tools to help businesses manage their bank accounts. Float is also building a platform to help businesses make payments on its platform itself, ultimately helping African businesses rethink the way to manage their financial operations.