Planet42 raises $2.4M to democratise access to mobility

by Startacus Admin

Planet42, an Estonian fintech operating in Africa that focuses on providing access to mobility to the underbanked, has raised €2.2M ($2.4M).
The company launched as CarGet in 2017 to service South Africa, a market well-known to co-founder and CFO Marten Orgna, who ran African Investments for Trigon Capital.

“Having a personal vehicle is a necessity in South Africa, as public transport is underdeveloped while ride-hailing is prohibitively expensive for most,” says Eerik Oja, co-founder and CEO. “A family car can be a lifesaver, but banks focus on newer, expensive vehicles and only approve 15% of car financing applicants. This leaves few alternatives to lower- and middle-income households.”
Planet42 uses an automated scoring algorithm to process client applications based on credit bureau, affordability, and alternative data. If the application is approved, Planet42 analyses the customer’s validation documents, such as IDs, payslips and bank statements before purchasing the car from the dealership and renting it to the customer. The asset is secured with

“We grew eight-fold in 2019 and we had our strongest month to date in April, despite the ongoing crisis. We see a huge need for people to improve their standards of living with better mobility, but a lack of options in the market to service them. More than 24 million people are credit impaired or have no access to finance in South Africa - that’s well over half of the adult population,” explains Oja, who gained experience in the alternative vehicle financing space as Country Manager for Mogo Finance in Estonia.
Planet42 will use the funds raised to keep expanding its portfolio of vehicles. The startup is targeting a total of 100,000 cars by 2024 in South Africa alone. As well as scaling there, the team is looking at international expansion across key emerging markets, where they will be offering motorcycles and other types of mobility, alongside cars. "We want to help people across the world commute with ease, earn more and feel secure. No one deserves to be deprived of the opportunities something as basic as a personal vehicle brings," says Oja.
“There are multiple markets in Latin America, Africa and South-East Asia with similar pain points – poor public transport, limited access to credit, and long commutes. Fintech has the potential to make a huge positive impact on how people get from A to B in these places, and we are proud to back Planet42 in making it a reality,” says Rait Ojasaar, Partner at Change Ventures, a VC firm focusing on founders from the Baltic states.
Interested in mobility focused tech? Why not read up on:
SociAbility maps out a more accessible future
Bolt, the leading European transportation platform, closes an investment round of €100m
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Aimear Lynch, founder of My Pet Lamb and one of our Impacting Founders gives us the lowdown on her eco-conscious startup and business journey to date

The latest addition to the LEVELUP agenda is an online Speed Networking event, in partnership with Allstate NI and powered by Netminds. Come along and make new connections!

Digital DNA, leading lights in the NI Tech and Business community announced as media partners for the LEVELUP events at Derry & Strabane Enterprise Week

Kellie McCord from Toastmasters International shares some tips on a few of the key things you should consider to make sure that the online experience is inclusive and easier for more people

Thinking about embarking on currency trading? Here are some basic tips that will help you do just that...

Thinking of using email marketing to promote your startup? Here are a few of the key things to consider when doing just that...

The lowdown on Fleex, the startup that helps companies provide remote employees with all they need to make working from home more comfortable

Judging panel now revealed for the LEVELUP startup pitch comp for early stage NI startups taking place at Derry & Strabane Enterprise Week - entries open until 10th April

Key speakers, panelists and sponsors announced for the LEVELUP event, taking place on 21-22 April as part of Derry & Strabane Enterprise Week

As we slowly emerge from the pandemic, here is an overview of a few of the key things that you can do to help set the foundation for a stronger year ahead
Published on: 17th June 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- Startacus brings virtual speed networking to Derry & Strabane Enterprise Week 2021 12th Apr 2021 The latest addition to the LEVELUP agenda is an online Speed Networking event, in partnership with Allstate NI and powered by Netminds. Come along and make new connections!
- LEVELUP bags Digital DNA as media partners 12th Apr 2021 Digital DNA, leading lights in the NI Tech and Business community announced as media partners for the LEVELUP events at Derry & Strabane Enterprise Week
- Huge rise in dog weddings leads Feast It and Poppy’s Picnic to launch dog wedding planning service 31st Mar 2021 "Mutt-rimonials" are on the horizon thanks to Woof Weddings, the UK's first dedicated wedding planning service for dogs
- Manual, the innovative Men’s Health platform Raises $30M Series A 31st Mar 2021 Manual secures major investment to help with product development and international expansion and its overall mission to become the global destination for men’s health