Meet Jesse Ghansah, Ghanaian entrepreneur who raised $17 million for his startup in 2022

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’s entrepreneurial journey began in 2014 when he co-founded three startups, which unfortunately discontinued after two years.

However, in 2016, he gained global recognition for his media company, OMG Digital, which was accepted into the prestigious Y Combinator startup accelerator program. OMG Digital, which owned OMGVoice and Bitnode, became known as the “BuzzFeed of Africa.”

Jesse Ghansah launched Float in 2020 to address African SMEs’ financing and cashflow issues

After departing from OMG Digital, Ghansah shifted his focus to fintech, recognizing that financing cash flow problems presented a substantial hurdle for African small and medium-sized enterprises.

His unwavering commitment to solving these cash flow issues drove him to co-found Float (previously known as Swipe), a San Francisco-based fintech startup that provides flexible credit lines to cover cash flow gaps for SMEs in Africa, in January 2020.

Float’s innovative solutions have transformed the way businesses in various industries, including fintech, retail, manufacturing, e-commerce, media, and health, operate.

With a 26-fold increase in payment transactions, the startup has enabled hundreds of businesses 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

In recent times, Float has garnered the attention of institutional investors, leading to a successful seed funding round of $17 million in 2022. The funding included a $7-million equity investment and a $10-million debt financing, with Cauris Finance leading the debt financing and JAM Fund and Tiger Global co-leading the equity financing.

Thus far, the funding round’s proceeds have been directed towards bolstering its cash management systems and launching new credit solutions tailored to specific industries. Additionally, the company is utilizing the 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 remarkable illustration of perseverance and determination in the face of adversity. Despite experiencing setbacks with three previous startups, he persisted and successfully established a thriving media company.

By bridging the financing gap for SMEs 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.