Monday, September 29, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Funding

Planet42, a startup based in South Africa, has raised $15.8 million in funding from Standard Bank

Tech Gist Africa by Tech Gist Africa
04/05/2024
in Funding, News - South Africa
0 0
1
Planet42 South Africa

Planet42 South Africa

0
SHARES
Share on FacebookShare on Twitter

Planet42, a South African automobile subscription platform that addresses mobility inequality by placing cars in the hands of individuals who do not have access to traditional bank credit, has raised ZAR300 million (US$15.6 million) in debt and equity capital from Standard Bank to help it grow.

The rent-to-buy car subscription company will get ZAR50 million (US$2.6 million) in equity in addition to a ZAR250 million (US$13.2 million) credit facility as part of Standard Bank’s ZAR300 million (US$15.8 million) investment.

After announcing a US$100 million debt and equity investment round in February 2023, among other rounds, Planet42 has already raised over US$150 million in capital.

Originally called CarGet, Planet42 launched in 2017 and collaborates with dealerships all over South Africa to provide its primarily underbanked clientele with access to a personal vehicle.

The startup processes customer applications using an automated scoring algorithm that takes into account alternative data, affordability, and credit bureau information.

After the application is accepted, Planet42 purchases the vehicle from the dealership and rents it to the client after reviewing the customer’s validation documents.

The asset is protected by mechanical and comprehensive insurance as well as tracking technologies.

“Having the largest banking group in Africa partnering with South Africa’s pioneering car subscription company demonstrates our joint belief in this new model of mobility. Lack of access to a personal vehicle not only hinders economic opportunities but can also lead to a lower standard of living and contribute to ongoing structural inequality,” said Eerik Oja, CEO and co-founder of Planet42.

To empower even more South Africans, Planet42 will be able to purchase additional cars thanks to its collaboration with Standard Bank, increasing the number of vehicles donated to individuals in previous years to over 20,000.

Additionally, the business opened its first vehicle bazaar in Pretoria’s Menlyn Park Shopping Centre.

In addition to broadening Planet42’s customer base, this physical marketplace enhances its online presence by providing a more tactile environment for users to peruse and choose vehicles.

Nearly 2,000 South Africans have benefited from the Menlyn marketplace’s personal membership automobile delivery service since its introduction.

 

Read more on Tech Gist Africa: 

Hohm Energy, a South African startup, has raised $8 million in a seed round

OfferZen, a South African company, raises $4.3 million in a funding round.

E4E Africa, based in South Africa, has announced the first closing of its US$30 million Fund II.

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

Rekindle EpiTek
Acquisition

Rekindle Learning Acquires EpiTek to Forge Africa’s Premier Corporate Training Platform

by Tech Gist Africa
09/29/2025
0

Rekindle Learning, a leading South African digital learning company, has acquired Cape Town-based edtech startup EpiTek to create Rekindle EpiTek,...

Read more
Rulebase

Rulebase Secures $2.1M Pre-Seed Funding to Revolutionize Fintech Back-Office Automation

09/26/2025
SunCulture Kenya

SunCulture, a Kenyan climate-tech startup has secured a $5 million funding

09/26/2025
AGF Visa Foundation

AGF and Visa Foundation Unveil $2M Fund for Women Entrepreneurs in Africa

09/26/2025
Justyol Morocco

Justyol, a Moroccan e-commerce startup has raised $1 million in funding

09/26/2025
Next Post
Irish Tech Challenge 2024

The Irish Tech Challenge 2024 is accepting applications from South African startups

Funding Africa startup

P1 Ventures, an African VC firm, has closed the second $35 million round of its Fund II

Moove Nigeria

Moove, a Nigerian-founded mobility fintech startup, has secured a $100 million Series B funding round

Comments 1

  1. Pingback: Planet42, a startup based in South Africa, has raised $15.8M - Africapost
No Result
View All Result

The Big 5

Mohamed Alabbar

From Vision to Marketplace: Mohamed Alabbar and the Rise of Noon.com

by Tech Gist Africa
09/29/2025
0

...

Food Security

How Technology is Advancing Global Food Security and Reducing Hunger

by Tech Gist Africa
09/26/2025
0

...

Nvidia Abu Dhabi Robotics Lab

Nvidia and Abu Dhabi Institute Launch Middle East’s First AI & Robotics Lab

by Tech Gist Africa
09/26/2025
0

...

MultiChoice

Canal+ has officially completed its $3.17 billion acquisition of South Africa’s MultiChoice Group

by Tech Gist Africa
09/26/2025
0

...

216 Capital & Plug and Play Accelerator

216 Capital & Plug and Play Launch Tunisian Accelerator to Bridge Local Startups to Global Stage

by Tech Gist Africa
09/26/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.