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LendFusion Celebrates Planet42’s Success in Driving Financial Innovation in South Africa

written by the Vahuri Voolaid on the 12th of March 2024

In a significant stride towards financial inclusivity, Planet42, a pioneering South African rent-to-buy startup, has secured a 300 million rand ($16 million) in funding from Standard Bank Group Ltd. marking a strategic move to local-currency funding and expanding its vehicle financing solutions. 

The Nasprer’s Ltd backed firm, which has raised $150 million to date, discovered LendFusion in 2017.

LendFusion’s modern, affordable software has been instrumental in enhancing Planet42’s operational efficiencies, enabling the startup to cater to a broader spectrum of clients, including those typically underserved by traditional banking institutions. 

The synergy between LendFusion’s innovative technology and Planet42’s unique business model has not only facilitated significant growth for Planet42 but also contributed to reshaping the landscape of vehicle financing in South Africa. 

Andres Valdmann, CEO of LendFusion, expressed his enthusiasm about the news of Planet42’s recent funding:

As Planet42 continues to make strides in addressing the transportation needs of South African residents, the support from LendFusion remains a cornerstone of their success, promising a future of expanded opportunities and financial empowerment for all.

“We are thrilled to witness the incredible journey of Planet42 and are proud to have been a part of their success story. 
This partnership underscores our commitment to fostering financial innovation and inclusivity, and we look forward to continuing our collaboration with Planet42 as they scale new heights in the African market.”

Andres Valdmann, CEO

For more information about Planet42’s recent funding, you can read the full press release on Bloomberg.com.

About LendFusion

LendFusion’s loan management software 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.

About Planet42

Planet42, a South African rent-to-buy car startup, leverages technology to offer vehicle financing to those bypassed by traditional banks, enhancing mobility and financial inclusion through strategic partnerships and innovative credit risk assessment.

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LendFusion is an affordable and user-friendly loan management system platform that helps you spend less time on the day-to-day operations and more time on getting sales and customers.

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