Float has partnered with Mono to help businesses in Africa grow by easing credit needs with collateral-free revenue advances.
Running a small business or sole proprietorship is daunting and limited access to capital can make this twice as hard. Businesses require all the assistance they can get, and this includes access to credit. This is how Float is helping businesses in Africa grow today.
The Float team needed access to their customers’ financial accounts to retrieve their financial history in order to assess creditworthiness and make informed underwriting decisions. This led them to Mono.
As the Float team builds for young businesses across Africa, they take into account the growth that their customers are able to achieve with the credit resources they provide.
Float’s co-founder, Barimah Effah-Adjei said:
“During onboarding, we prompt our customers to connect their financial accounts to Float. This gives us access to transaction history and statements that allow us to make lending decisions. Our data needs grew, and shortly after we launched, Mono was launched, too. When we switched to using Mono, the integration was super swift, the experience was seamless, the APIs were easy to use, and the return time on data was fast.”
“We’re proud of the progress made by businesses that partner with us. Last year was incredibly hard, globally, and more so for small businesses in Africa. Despite the downturn, many of our customers shared that their businesses grew because they had access to reliable credit.
