Customer Story: How LendFusion Drives Unprecedented Growth for Planet42
Planet42, a South African rent-to-buy car startup, has been at the forefront of financial innovation. By partnering with LendFusion, Planet42 has unlocked unprecedented growth. This is their success story.
Planet42’s Challenge
As newcomers to the South African market, Planet42 founders Eerik and Marten recognized the necessity of a robust loan management software to succeed.
They sought a partner who could offer not just technological prowess but responsiveness and an understanding of the startup’s unique needs. Their biggest challenge was not only to launch a new business but to innovate in a way that could scale quickly and inclusively.
How Planet42 Selected and Implemented LendFusion
Planet42’s search for a loan management platform led them to LendFusion, marking the beginning of a groundbreaking collaboration. The implementation process was characterized by its intensity and the overcoming of geographical IT service challenges.
Within 6 months, including a business analysis, Planet42 were live.
Key areas of the implementation included:
- Custom Dealer Portal: A pivotal solution allowing Planet42’s partners to manage car rental deals end-to-end.
- IT Services Adaptation: Adjusting to South Africa’s IT landscape, ensuring seamless integration and operation.
- Core Module Development: Establishing foundational systems that have since become integral to Planet42’s business model.
The Impact and Results Achieved With LendFusion
Adopting LendFusion’s platform has transformed Planet42 into a fully digital rent-to-own business, streamlining operations and minimizing manual paperwork.
The most notable achievements using LendFusion are:
- Automated processes including payment collections, risk evaluations, and communications have significantly enhanced efficiency and customer service.
- The recent securing of 300 million rand (€16 million) in funding from Standard Bank Group Ltd, a testament to Planet42’s growth and the effectiveness of their partnership with LendFusion (funding press release on Bloomberg).
- Expansion of Services: With LendFusion’s support, Planet42 has broadened its vehicle financing solutions, reaching a wider audience and contributing to the financial empowerment of underserved communities in South Africa.
Eerik and Marten, co-founders of Planet42, shared their enthusiasm:
“LendFusion has been instrumental in our success.
Its adaptability and the tailor-made solutions like the dealer portal have not only met but exceeded our expectations, propelling our business forward.
This partnership is more than a collaboration; it’s a shared vision for empowering underserved communities with better access to mobility”
Andres Valdmann, CEO of LendFusion, also commented on the partnership:
“Seeing Planet42’s growth and the impact they’re making in financial inclusion reinforces our commitment at LendFusion to drive innovation and support our partners in achieving remarkable success.
This partnership with Planet42 isn’t just about software; it’s about enabling vital access to mobility and empowering communities.
We’re thrilled to be part of this journey and eager to continue supporting Planet42 as they transform the rent-to-buy car market.”
About Planet42
Planet42 is addressing the vehicle financing gap in South Africa, targeting financial inclusion and enhanced mobility through innovative rent-to-buy solutions.
About LendFusion
LendFusion’s loan management system is designed for established lenders that are looking to grow their business. With a modern, user-friendly and affordable platform, LendFusion helps lenders spend less time on the day-to-day operations and more time on what matters – getting sales and customers.
At LendFusion, we believe that growing your business should be easier.
That’s why we have developed LendFusion to give you everything you need ‘out of the box’ to improve lending operations.
With LendFusion, you can:
- Manage your loans efficiently
- Follow up late payments automatically
- Reduce manual workload and tasks
Want to see similar results like Planet42?
Book a demo today and discover how LendFusion can help grow your lending business.
Vahuri Voolaid, COO
Vahuri is the Chief Operations Officer at LendFusion. Vahuri has 8 years of experience in fintech with loan management software as a product owner and an MBA with a specialisation in IT management.
Connect with Vahuri on LinkedIn.
