Float Beta Results: 30 Users, R280,000 Split, Zero Defaults

Numbers are more useful than promises when you are evaluating a new fintech product. This is what our Cape Town beta actually produced, including the data we are proud of and the things we are still figuring out.

The Setup

The Float beta ran in Cape Town from March to June 2024. We invited 30 cardholders through a combination of referrals, a short waitlist, and direct outreach via our network. Participation was voluntary. All users understood they were in a pilot programme. No incentives were paid for participation. Everyone joined because the product made sense to them.

Our criteria for selection was straightforward: South African Visa or Mastercard holder at a major bank, in good account standing, with a recent purchase between R1,500 and R30,000 eligible for splitting.

The Numbers

Across 30 users, the total purchase value split through Float was R280,000. That works out to an average plan of R9,333 per user. The range was wide: the smallest plan was R1,240 (a set of power tools), the largest was R27,800 (home office equipment upgrade).

Plan length distribution:

• 3-month plans: 8 users
• 6-month plans: 11 users
• 12-month plans: 9 users
• 24-month plans: 2 users

Zero defaults. Every single one. Every scheduled DebiCheck collection succeeded on the first attempt except in 3 cases where users proactively rescheduled a collection date in advance due to a known cash flow event. All 3 rescheduled and cleared within 7 days.

What Users Split

The purchase categories were telling. We expected electronics and appliances to dominate. They did, at about 60% of plans. But we were surprised by the second-largest category: home improvement and repairs at 25%. People were splitting geyser replacements, roof repairs, and kitchen appliance upgrades. These are not discretionary purchases. They are necessities that households would otherwise put on revolving credit and pay interest on for 2 to 3 years.

Third category: education. At about 15%, education and professional expenses: course fees, professional development, certifications. Counterintuitive? Maybe. Makes sense when you think about it: these are high-value, hard-to-delay expenses that produce long-term returns, exactly the profile where interest-free splitting adds real value.

User Feedback Highlights

We ran structured interviews at 3-month and 6-month marks. A few themes came through clearly. The DebiCheck authentication was consistently described as reassuring, not burdensome. Users preferred knowing exactly when and how much would leave their account over the ambiguity of managing revolving balances manually.

The most common request: extend the eligible purchase window beyond 30 days. Several users discovered Float after their credit card statement had already closed on a purchase they would have liked to split. That is product feedback. Valid. We are actively addressing it for the next phase.

What We Learned About Default Risk

Our data shows zero defaults, but we are careful about generalising from 30 users. The beta cohort was not a representative sample of South African credit card holders. They were early adopters, slightly more financially organised than average, by definition interested in managing their credit better.

The design insight stands. It holds regardless of cohort: aligning the instalment schedule to fixed dates the user confirms upfront significantly reduces the casual non-payment that drives debit order failure rates in less structured products. People fail to pay debit orders they forgot about or did not clearly consent to. DebiCheck authentication creates recall and commitment.

What Comes Next

The results from Cape Town are strong enough to move to Phase 2: a broader Gauteng and Western Cape rollout with a target of 300 users, expanded purchase eligibility, and merchant integrations for a handful of partner retailers. We are also building the dashboard view that lets users see all active Float plans, their balances, and upcoming collections in one place.

In our experience, the data from this beta is not just validation for us. It is something South African cardholders should know about, because it demonstrates that interest-free instalment products can operate with zero default loss when the product design aligns user incentives correctly.

Interested in joining the next cohort? Get on the early access list, or read more about how Float works.