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South African car subscription startup Planet42 has raised USD 30 Mn in debt and equity funding to drive its international expansion, with its first cars already on the road in Mexico. The USD 6 Mn equity round was led by Naspers, with existing investors Change Ventures and Startup Wise Guys also participating alongside unicorn founders like Martin and Markus Villig (Bolt) and Ragnar Sass (Pipedrive). Existing debt investors, such as Lendable, added USD 24 Mn.
Planet42 partners with dealerships across South Africa to offer access to a personal car to its largely underbanked clientele. The startup uses an automated scoring algorithm to process client applications based on the credit bureau, affordability, and alternative data. If the application is approved, Planet42 analyses the customer’s validation documents before purchasing the car from the dealership and renting it to the customer. The asset is secured with tracking technology, as well as comprehensive and mechanical insurance.