Planet42 has raised debt and equity funding from Standard Bank to help the rent-to-buy start-up repay costly euro loans.
raised local-currency debt and equity funding from Standard Bank to help the South Africa-focused rent-to-buy start-up repay costly euro-denominated loans.
The Naspers-backed firm, which has raised about US$150-million to date, got R300-million of funding from Standard Bank, according to“We have had no rand-based debt so far, and that is obviously super-expensive for a business operating in South Africa,” Oja said in an interview.
Co-founded by Oja and Marten Orgna — both from Estonia — Planet42 uses algorithms and data points to assess a potential customer’s credit risk and generates an offer to rent or buy a car within minutes.“In South Africa, and potentially in the rest of Africa, there is a lot of scaling up that can happen,” Standard Bank senior vice president Nimalan Reddy said in the same interview. —
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