Tech in Africa
Planet42, is a car subscription platform helping individuals ignored by banks to access personal vehicles. The announcement of the $10 million raised from Lendable Inc an institutional debt investor based in the United States. Planet 42 has managed to purchase and deliver 2,000 second-hand vehicles to South Africa their main market.
Planet42 runs on a proprietary scoring algorithm capable of calculating the risk on individual customers. The company will purchase a car from a dealership then rent it out to customers on a subscription basis. All assets are secured with tracking technology including comprehensive and mechanical insurance.
In early 2020, Change Ventures invested $2.4million into the venture.
This debt facility reduces the cost base of Planet42 and will help in scaling their operations. The eventual aim is to buy 100,000 cars by 2024. There are plans to expand into other markets and raise a Serie A in 2021.
