Ghana’s cash flow and spend management platform, Float, has acquired a Nigerian Accounteer for its subscription-based cloud-based accounting service that combines bookkeeping, tax prep, and financial advisory services all in one platform for African businesses, for an unknown amount.
Africa’s biggest seed rounds deal came up 8 months after Float closed its $17 million equity and debt seed funding. Speaking with the co- founder of Float, Jesse Ghansah with Barima Effah Adjei, he said “the conversation that led to the acquisition started in 2021, and it took close to 10 months before the deal was finally closed”.
Re-Branding Swipe to Float
Swipe was founded in 2020 to provide businesses with invoice services. As at June 2021, swipe rebranded and changed to Float so as to extend its credit services to businesses which is against the receivables.
This means it grants companies access to loans till they get paid by their clients or business partners for the services rendered. The loan is for them to run businesses until they are paid.
What’s Float Stands For
Float served as an escape route for solving Ghansah’s credit while he was running OMG Digital, a YC-backed media company he founded in 2015. For two years now, Ghansah and Adjei’s company has offered a variety of services. Apart from providing loans for businesses, it provides bill automation, vendor or supplier payments and invoice collections. It also helps businesses manage their accounts and digital wallets.
In addition, Float opens business accounts, generates payment links, manages budgets and spending cards for its users. Presently, Float stays at the forefront for the financial operating system of small and medium businesses in Africa.
Influence of Accounteer on Businesses
From the record, business owners find it difficult to separate their personal transactions from business transactions. Hence, Float aims to provide Accounteer to help find solutions to the problem. In the words of Ghansah, he said after rebranding, he has been monitoring the accounts and startup businesses. This gave the rise for the introduction of a Nigerian accounteer.
In his words, he believes the addition of Accounteer will be effective in changing the game of Float’s ecosystem of products and services as they scale into new markets with the 2 businesses.
