_techcrunchSource.png?alt=media&token=9e692c29-55a7-4c2b-88fa-59679321178b)
South African car subscription service Planet42 raises $100M equity, debt
#transportation
#funding
Planet42, a South Africa-based car subscription company that buys used cars from dealerships and rents to customers via a subscription model, has raised $100 million in equity and debt from a wide range of investors.
South Africa-based car subscription company Planet42 has raised $100m in equity and debt from investors, including Naspers, Rivonia Road Capital and ARS Holdings. The funds will help it scale rapidly and expand globally, aiming to provide a million cars via a subscription model to people unable to access traditional car financing. Planet42, which uses proprietary scoring algorithms to assess risk in underbanked customer segments, has purchased more than 12,000 cars for customers in South Africa and Mexico. It is seeking to address transport inequality on a global scale, providing safe and reliable transport to people ignored by banks.
Read the full article on TechCrunch
Top comments(0)
SEND
