Car subscription company Planet42 raised $100 million in an equity and debt

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Car subscription company Planet42 raised $100 million in an equity and debt round from Naspers Foundry that co-led the $15M equity round alongside ARS Holdings where in equity existing and new shareholders, including Rivonia Road Capital also participated.

Planet42 assesses risk in underbanked customer segments using proprietary scoring algorithms. Customers can also use its algorithms to determine their budget and select new or pre-owned vehicles from Planet42’s dealership network. According to the company, the new financing, which consists of equity, credit facility, and debt, will allow it to rapidly scale its business and provide cars to people who are unable to obtain traditional car financing.

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Car subscription company Planet42 raised $100 million in an equity and debt

Car subscription company Planet42 raised $100 million in an equity and debt round from Naspers Foundry that co-led the $15M equity round alongside ARS Holdings where in equity existing and new shareholders, including Rivonia Road Capital also participated.

Planet42 assesses risk in underbanked customer segments using proprietary scoring algorithms. Customers can also use its algorithms to determine their budget and select new or pre-owned vehicles from Planet42’s dealership network. According to the company, the new financing, which consists of equity, credit facility, and debt, will allow it to rapidly scale its business and provide cars to people who are unable to obtain traditional car financing.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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