Planet42, which offers consumers a rent-to-buy vehicle rental, has reportedly netted €2.2m in a funding round.
The seed round was led by Change Ventures, with commitments also coming from angel investors including Bolt co-founder Martin Villig, Pipedrive co-founder Ragnar Sass and Katana MRP co-founder Kristjan Vilosius, according to several reports in the media.
Having secured the fresh equity, the FinTech will look to expand its portfolio of vehicles, with the plan of having 100,000 cars in South Africa by 2024.
The company also plans to increase its international expansion across emerging markets, offering both cars and motorbikes.
Planet42 claims to have grown eight-fold during 2019 and April 2020 was its strongest month to-date.
The FinTech company provides consumers in South Africa with a rent-to-buy vehicle rental. The company focuses on pre-owned cars, letting users pick a vehicle regardless of its age.
It works by a user picking a car and filling our an application with a Planet42 dealer. The company will buy the car on the individual’s behalf, who in turn will make monthly payments. After 60 months of renting, the individual can choose to buy the vehicle.
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