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Float has launched its card-linked instalment platform in the UK, compatible with more than 55 million UK credit cards.
The launch brings Float into a market where consumers hold more than GBP £70 billion in credit card balances, while more than GBP £250 billion of credit card limits remain unused, according to figures it cited.
Float allows shoppers to split purchases into up to 12 monthly instalments on credit cards they already hold, rather than taking out a new finance product at checkout. The platform works with Visa and Mastercard credit cards and does not require a separate application process or app download.
At the point of sale, customers choose an instalment option, select a repayment plan and complete the transaction with their existing card. Because the transaction falls within the shopper's current credit limit, Float positions the offer as distinct from buy-now, pay-later products that create a new line of credit.
The company is targeting merchants that sell higher-ticket goods and services, including consumer electronics, furniture and home, sports and leisure, automotive, luxury fashion and lifestyle, and healthcare. It says those sectors are more likely to benefit from flexible payment terms for larger purchases.
Float has operated in South Africa since 2021 and now works with more than 2,000 stores globally. Its merchant base includes brands such as Samsung, Trek, Reebok, The North Face and Diesel.
The UK launch marks the company's first step beyond its existing market. It enters a payments sector where merchants are under pressure to improve conversion rates and basket sizes without relying on heavy discounting or steering shoppers towards additional borrowing.
Across its existing merchant base, average order value has risen by 134%, according to Float, with the average order exceeding GBP £500. It said the strongest results have come from merchants selling higher-value items, while noting that UK outcomes may differ from its wider data.
Merchant focus
The proposition targets a narrower segment of the consumer finance market than many instalment products do. Rather than trying to reach shoppers who need fresh credit, Float is aimed at customers who already have sufficient headroom on their cards but want longer to spread the cost of a purchase.
That pitch may appeal to retailers looking for an alternative to conventional point-of-sale lending. In many checkout journeys, the choice has been between offering a discount, presenting a buy now, pay later option, or risking a lost sale if the upfront cost feels too high.
Float argues that credit card-linked instalments offer another route by using infrastructure and borrowing capacity already in place. It also says cardholders keep the protections and card benefits associated with their existing bank-issued cards, including reward points and miles, because the purchase remains on the original card.
Alex Forsyth-Thompson, Founder and Chief Executive Officer of Float, set out the company's case for entering the market.
"Nearly every merchant we speak to in the UK is keen to solve the same equations - getting bigger baskets without discounting or offering shoppers new loans and getting more conversions without more friction. Not only does Float answer these challenges but merchants can also be confident they are offering a benefit to their shoppers - better payment terms without the need to take on new credit. We have witnessed first-hand how merchants offering credit card-linked instalments using Float's technology are winning shoppers' spend," said Forsyth-Thompson.
Consumer credit
The launch comes as scrutiny of consumer lending models continues to sharpen in the UK. Instalment products have become a routine feature of online and in-store checkouts, but their structures vary widely, particularly in whether they extend new borrowing or work through an existing facility.
Float argues that many consumers are not short of available credit but are constrained by the timing of repayments. Standard credit card interest-free periods typically range from 30 to 55 days, which may not provide enough time for a larger discretionary purchase.
Forsyth-Thompson framed that timing issue as a gap in the current market.
"Millions of UK consumers don't need more credit - they need more time," said Forsyth-Thompson.
He added that the company sees its model as an alternative to both new lending and abandoned purchases.
"Instead of a trade-off between paying down their credit card balance, taking out new credit or point-of-sale finance, or abandoning the purchase entirely, with Float, merchants can now offer their shoppers an alternative. Our tech allows merchants to give shoppers more time with the credit they already have on their existing bank-issued credit cards. That drives more value for merchants and supports responsible credit usage for banks. That's the first step in our mission to redefine the way the world pays with credit," said Forsyth-Thompson.