Planet42 Secures R300M Funding From Standard Bank

Loading player...
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.
13 Mar 2024 4PM English South Africa Business News · Investing

Other recent episodes

South Africa's Car Buyers Defy Economic Pressure

Despite higher interest rates, rising fuel prices and growing living costs, South Africa's vehicle market continues to show remarkable resilience. Thanda Sithole, Senior Economist at FNB and WesBank, unpacks what strong vehicle sales reveal about consumer confidence, how buyers are adapting to affordability pressures, the rise of new-energy vehicles, and…
12 Nov 12PM 13 min

The Economics of Diabetes

Ahead of World Diabetes Day, Sara Norcross, VP and General Manager of Novo Nordisk South Africa, joins Kaya Biz to discuss the growing burden of diabetes and its impact beyond healthcare. From workplace productivity and economic growth to treatment access and prevention, the conversation explores why diabetes should be viewed…
12 Nov 12PM 20 min

Protecting Yourself in the Age of Digital Scams

Online scams are becoming more sophisticated and increasingly difficult to detect. Sylvia Musalagani, Head of Safety Policy for Europe, the Middle East and Africa at Meta, discusses the growing threat of digital fraud, Meta's anti-scam initiatives, and how partnerships with local institutions are helping consumers identify and avoid online scams…
12 Nov 11AM 10 min

South Africa's Capital Puzzle

South Africa has no shortage of capital, yet economic growth remains elusive. Jurie Strydom, CEO of Old Mutual, joins Kaya Biz to unpack why the challenge may not be attracting investment, but deploying existing capital into productive sectors of the economy. The conversation explores investor confidence, policy certainty, infrastructure constraints…
12 Nov 11AM 7 min

Reading South Africa's Economic Pulse

South Africa's economic activity weakened again in October, but there are emerging signs that pressure on households and businesses may begin to ease. Independent economist Elize Kruger unpacks the latest PayInc Economic Index, the fuel price outlook, consumer behaviour, business confidence and the key economic trends to watch heading into…
11 Nov 12PM 10 min