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Founded Year

2017

Stage

Incubator/Accelerator | Alive

Total Raised

$142.4M

About Planet42

Planet42 provides a mobility finance platform offering customers access to personal vehicles. It uses a scoring algorithm to process client applications based on the credit bureau, affordability, and alternative data. The company analyzes its customer’s validation documents, such as identifications (IDs), payslips, and bank statements, before purchasing the car. It was founded in 2017 and is based in Johannesburg, South Africa.

Headquarters Location

Johannesburg,

South Africa

(+27) 010 449 1577

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Planet42's Product Videos

Planet42 Car sub Purchase process.png

Planet42's Products & Differentiators

    Car Subscription

    Upon approval, customers can access any new or pre-owned car from its network of over 700 almost 1,000 dealerships. We buy the car and provide it in the form of a car subscription, as well as providing customers with a clear path to ownership.

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Research containing Planet42

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Planet42 in 1 CB Insights research brief, most recently on Mar 21, 2022.

Expert Collections containing Planet42

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Planet42 is included in 1 Expert Collection, including Fintech.

F

Fintech

12,502 items

Excludes US-based companies

Planet42 Patents

Planet42 has filed 1 patent.

The 3 most popular patent topics include:

  • geotechnical engineering
  • offshore engineering
  • wind power
patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/23/2019

Wind turbine manufacturers, Wind turbines, Geotechnical engineering, Wind power, Offshore engineering

Application

Application Date

8/23/2019

Grant Date

Title

Related Topics

Wind turbine manufacturers, Wind turbines, Geotechnical engineering, Wind power, Offshore engineering

Status

Application

Latest Planet42 News

Planet42 Introduces Unique Solution to Car Owners and Customers.

May 14, 2023

by 11 Views Share Planet42 is a South African-based start-up that has raised over $150m, offering a unique kind of financing for cars. It differentiates itself from competitors, such as Autochek and Moove, by renting used cars to customers on a subscription basis, with an option to buy. Since its launch in 2017, Planet42 has purchased over 16,000 cars through partnerships with small-scale car dealerships and large brands in South Africa. It has now expanded into Mexico, where it has already acquired over 1,300 cars. Eerik Oja, CEO and co-founder of Planet42, said the start-up aims to solve the problem of the huge number of customers being turned away by dealerships because banks refuse to finance them. Planet42 provides a new opportunity for those who would otherwise not have access to loans. He added that the public transportation system in these markets is often slow, unreliable, and dangerous, making it essential for many people to have their car. The start-up’s service offers real cars for people who need them to get to work, take their children to school, go grocery shopping, or visit relatives. However, Planet42’s service raises the question of what happens if a car is damaged while renting, given that these are not new cars. Oja says that every car has comprehensive insurance and that the monthly payment includes a minimum six-month mechanical policy. Planet42 uses its data science and risk-scoring algorithms to evaluate applications for its service. It approves about half of the customers who apply, which helps solve the problem of the conservative nature of banks in Africa and other emerging markets. Less than 20% of people with a credit score can qualify for bank financing, so Planet42 is there for the remaining 80%. The fall of African currencies against the dollar and high customs duties on cars have made car purchases less accessible to many customers. However, Oja believes that Planet42 can be impactful because it builds a business on banks’ conservative nature and the consequent denial of access to loans for potential customers. In conclusion, Planet42 offers a unique solution to the problem of loan access for customers in Africa and other emerging markets, providing rent-to-buy car subscriptions. Its model of buying used cars and renting them on a subscription basis to customers who need them for their daily routine has proven successful. Its expansion into Mexico shows that there is potential for growth in other emerging markets. Planet42’s service is inclusive, with comprehensive insurance and minimum six-month mechanical policies included in monthly payments. The start-up is a much-needed solution to the conservative nature of banks and the limited access to loans for customers in emerging markets.

Planet42 Frequently Asked Questions (FAQ)

  • When was Planet42 founded?

    Planet42 was founded in 2017.

  • Where is Planet42's headquarters?

    Planet42's headquarters is located at Johannesburg.

  • What is Planet42's latest funding round?

    Planet42's latest funding round is Incubator/Accelerator.

  • How much did Planet42 raise?

    Planet42 raised a total of $142.4M.

  • Who are the investors of Planet42?

    Investors of Planet42 include African Unicorns, Naspers, Rivonia Road Capital, ARS Holdings, Martin Villig and 9 more.

  • Who are Planet42's competitors?

    Competitors of Planet42 include Kovi and 3 more.

  • What products does Planet42 offer?

    Planet42's products include Car Subscription.

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Compare Planet42 to Competitors

FlexClub Logo
FlexClub

FlexClub has developed an online platform for owners to rent their vehicles. It was founded in 2018 and is based in Amsterdam, Netherlands.

Autochek Logo
Autochek

Autochek is an online marketplace for car sales. The company builds solutions aimed at enabling and enhancing commerce within the automotive sector. It was founded in 2020 and is based in Lagos, Nigeria.

Vai.Car Logo
Vai.Car

Vai.Car offers a digital car rental application service. It offers rented cars for young people and for drivers of urban mobility apps. The company was founded in 2017 and is based in Sao Paulo, Brazil.

Turbi Logo
Turbi

Turbi is a digital car rental company. It offers a mobile application for users to reserve a vehicle on an hourly basis and unlock the same with a smartphone. The company was founded in 2016 and is based in Sao Paolo, Brazil.

Zazcar Logo
Zazcar

Zazcar operates as a mobility technology company. It offers a car-sharing application and its services engage in the use of Internet-of-things (IoT) technology to create car-sharing tools. It was founded in 2009 and is based in Sao Paulo, Brazil.

L
Leasy

Leasy is a financial technology platform. It provides vehicle financing services through a subscription model and grants access to financial institutions and offers services such as maintenance discounts, insurance, contract, and more. It was founded in 2018 and is based in Lima, Peru.

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