South Africa-based Planet42 has raised a $100M funding round to enable the underbanked community to buy cars through its rent-to-buy platform.
The funding is structured in both equity and debt.
Planet42 is an online platform that buys cars and then rents them to its users for a monthly subscription price.
- The company aims to help address global transport inequality, saying that only half of the global population has access to public transportation.
- According to the company, 89% of its users would not have been able to buy a car without the platform, while dealerships have reported an average increase in sales of 26% after partnering with Planet 42.
- The round was led by Naspers, Change Ventures, Startup Wise Guys, and angel investors.
- The company aims to use the funding to expand internationally and boost its growth in South Africa and Mexico.
