Ghana-based Float, which focuses on helping businesses manage their cash flow, has acquired Accounteer, a Nigerian cloud-based accounting company.
The deal, which follows Float’s $17 million equity and debt financing raised eight months ago, will enable Float to achieve its goal of becoming the financial operating system for small and medium-sized businesses. African.
Jesse Ghansah, who co-founded Float with Barima Effah Adjei in 2021, said discussions leading to the acquisition began last year, and 10 months later the deal was finally closed.
Float’s vision is to be the financial nervous system of every business. In this regard, the company is rethinking the modern financial technology stack, which involved making it easier for users to take control of their growth by combining credit, business payments and financial management into one powerful platform.
Backed by Y Combinator, Ingressive Capital, Soma Capital, Magic Fund and others, Float is a strategy on its efforts. The lack of proper accounting and bookkeeping practices among business owners are the challenges that Float seeks to address with the acquisition of Accounteer.
According to Techcabal, Ghansah said he has been monitoring some accounting startups since identifying these issues. Accounteer’s achievements and milestones in becoming the choice of cloud accounting software for over 14,000 SMEs in Nigeria and beyond over the years, triggered the choice.
Float sees Accounteer as a potential benefit to their ecosystem of products and services, enabling them to achieve bigger goals as they expand into new markets.
Accounteer allows small businesses to take control of their finances, reducing their dependence on external factors.
Founded by Merijn Campsteyn in 2015, the company’s accounting tools help with inventory management, accepting payments, printing receipts, generating real-time accounting reports and more.