JESSE GHANSAH – CEO of Float, The Ghanaian Man Who Supports Firms’ Cashflows with Float
With a track record of successful ventures under his belt, Jesse Ghansah, a Ghanaian serial entrepreneur, has emerged as a leading disruptor in the fintech space, introducing innovative solutions that are transforming the African financial industry.
Ghansah began his entrepreneurial journey in 2014 when he co-founded three start-ups, which unfortunately discontinued after two years.
In 2016, his media company OMG digital gained global recognition and was aaccepted into the prestigious Y Combinator start-up accelerator program. OMG Digital, which spearheaded OMGVoice and Bitnode, became known as the “BuzzFeed of Africa.”
Jesse Ghansah launched Float in 2020 as a solution to African SMEs’ financing and cashflow issues
After departing from OMG Digital, Ghansah ventured into fintech, recognizing that financing cash flow problems served as a major stumbling block for African small and medium-sized enterprises.
His persistence to solving these cash flow issues drove him to co-found Float (previously known as Swipe), a fintech start up based in San Francisco that provides flexible credit lines to cover gaps in cash flows for SMEs in Africa, in 2020.
Float’s innovative solutions transformed the way businesses in various industries operated such as fintech, retail, manufacturing, e-commerce, media, and health.
A 26-fold increase in payment transactions, Float has enabled hundreds of businesses in Africa to access more than $10 million in credit spending and cash advances.
With $17 million in funding secured from investors, Float is set for expansion in the fintech space
Recently, Float has gained the attention of institutional investors, which has led to the accumulation of a successful seed funding of about $17 million in 2022. This funding included a $7-million equity investment and a $10-million debt financing; JAM Funding and Tiger Global co leading the equity investment and Cauris Finance leading the debt financing.
Thus far, the funding round’s proceeds have been directed towards strengthening the cash management systems and launching new credit solutions tailored to specific industries. Also, the company utilize its funds to expand its operations in Ghana and Nigeria, as well as introduce its services in Kenya and South Africa.
Ghansah’s entrepreneurial journey is a commendable illustration of perseverance and determination in the face of adversity. Despite experiencing setbacks with three previous start-ups, he persisted and successfully established a thriving media company.
By bridging the financing gap for SMEs in Africa and supplying much-needed liquidity to millions of businesses across the continent, Ghansah and his team are paving the way for a more robust and sustainable African economy.
With his focus now on Float’s expansion plans, he is poised to make a significant impact on Africa’s financial technology industry.