For an undisclosed sum, a Ghanaian cash flow and spend management platform (float) has fully acquired Accounteer, a Nigerian cloud-based accounting service that combines bookkeeping, tax preparation, and financial counseling services into one platform for African businesses.
This agreement comes eight months after Float concluded one of Africa’s largest seed rounds of $17 million in equity and debt seed finance. The conversation that eventually led to the acquisition reportedly began in 2021, and it took close to ten months before the deal was finalized, according to Jesse Ghansah, who co-founded Float with Barima Effah Adjei in 2021.
Swipe was established in 2020 to offer invoice services to companies by Ghansah and Adjei. However, the company changed its name to Float in June 2021 in order to give businesses credit against their receivables. In other words, it provides loans to businesses who anticipate receiving payment from clients after providing a service but urgently want cash to operate. Ghansah started OMG Digital in 2015, a media startup financed by YC, and in order to fully address his credit issue, he created Float.
After two years, Ghansah and Adjei’s business now provides a range of services. Along with its core offering of flexible credit lines for companies to cover cash flow gaps, Float also offers bill automation, vendor or supplier payments, and invoice collections. It also assists companies in connecting and managing all of their bank accounts and digital wallets from a single dashboard. Additionally, it aids users in opening business accounts, creating payment links, and controlling spending and budgeting. The business has added new features like rapid payouts and revenue advances, and it is currently experimenting with cross-border remittance in collaboration with businesses who provide this service.
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