The company aims to serve as the “financial operating system” for Africa’s small and medium businesses. The company has also introduced some more features recently: revenue advances and instant payouts. In the seven months since Float’s launch, the cash flow management and spend platform has onboarded hundreds of businesses in a wide range of industries — retail and manufacturing, fintech, e-commerce, media and health. The company claims to have seen its payment transaction (invoicing and vendor payments) volume, in eight figures, increase 26x. Each company claims not to see the others as competition; first, they believe the market is big enough for all parties to coexist. 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. Float provides credit to some of these businesses that find it challenging to get from traditional banks. 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 wants to provide liquidity to African SMBs in a way never done beforeFloat isn’t the only African fintech newcomer with plans to be the “operating system” for small and medium businesses in the region.