Planet42 Secures R300M Funding From Standard Bank
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GUEST – Eerik Oja - Planet42 Chief Executive Officer and co-founder
Planet42 said it raised local-currency debt and equity funding from Standard Bank Group to help the South
Africa-focused rent-to-buy startup repay costly euro-denominated loans. The Naspers-backed firm, which has raised about $150 million to date, got R300 million ($16 million) of funding from Standard Bank, Africa’s biggest lender by assets, according to Planet42
Chief Executive Officer and co-founder Eerik Oja. “We have had no rand-based debt so far, and that is obviously super-expensive for a business operating in South Africa,” Oja said in an interview. “This is a first step to a bigger strategic partnership for
us with Standard Bank,” as the startup ramps up auto loans where traditional banks usually cannot finance certain individuals because of regulations, he said.
Planet42 said it raised local-currency debt and equity funding from Standard Bank Group to help the South
Africa-focused rent-to-buy startup repay costly euro-denominated loans. The Naspers-backed firm, which has raised about $150 million to date, got R300 million ($16 million) of funding from Standard Bank, Africa’s biggest lender by assets, according to Planet42
Chief Executive Officer and co-founder Eerik Oja. “We have had no rand-based debt so far, and that is obviously super-expensive for a business operating in South Africa,” Oja said in an interview. “This is a first step to a bigger strategic partnership for
us with Standard Bank,” as the startup ramps up auto loans where traditional banks usually cannot finance certain individuals because of regulations, he said.
