Ghana-based, Float, focused on helping businesses manage cashflow, has acquired Accounteer, a Nigerian cloud-based accounting company.
The deal, which follows Float’s $17 million equity and debt seed funding raised eight months ago, will enable Float attain its goal to become the financial operating system for Africa’s small and medium-sized businesses.
Jesse Ghansah, who co-founded Float with Barima Effah Adjei in 2021, said discussions that led to the acquisition kicked off last year, and 10 months down the line, the deal has finally been closed.
Float has a vision to be the financial nervous system of every business. In this regard, the company is rethinking the modern financial tech 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 strategy about its endeavours. The lack of proper accounting and bookkeeping practices among business owners are the challenges that Float seeks to tackle with the acquisition of Accounteer.
Per Techcabal, Ghansah said he had been monitoring some accounting startups since the identification of these problems. Accounteer’s achievements and milestones of becoming the cloud accounting software choice for over 14,000 SMBs in Nigeria and beyond over the years, triggered the choice.
Float sees Accounteer as a potential benefit for its ecosystem of products and services, enabling them attain greater goals as they scale into new markets.
Accounteer empowers small businesses to enable them take control of their finances, reducing dependence on external factors.
Founded by Merijn Campsteyn in 2015, the company’s accounting tools help in the management of inventory, payments acceptance, printing of receipts, generation of real-time accounting reports and others.
