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Planet42 is democratising mobility by enabling people ignored by banks to get access to a personal vehicle through its car subscription service.
Access to personal mobility and financial inclusion
In many parts of the world public transportation is inadequate. The unreliable or even dysfunctional transportation systems in these countries are a major obstacle to prosperity, limiting access to employment and educational opportunities. Everyday activities like commuting or taking the kids to school can be needlessly time-consuming and even dangerous.
Personal mobility in the form of a car could make a world of difference in these places. But, due to perceived financial risk, it is usually in those same places that banks fail to provide life-changing vehicle financing to large parts of the population.
This is where Planet42 comes in. Leveraging technology to mitigate risk and promote financial inclusion, we buy second-hand cars from a network of motor dealers and provide them to customerson a subscription basis.
Our technology allows us to approve applications and allow customers to sign up to a car subscription with the car of their choice without the need for Planet42 to physically see the car or meet the customer.
Planet42: the story so far
Planet42 was founded in South Africa in 2017 by Eerik Oja and Marten Orgna. Having previously fallen in love with the country, the co-founders raised capital in their native Estonia to launch a rent-to-buy car business in South Africa. Originally named CarGet, the company has now rented out over 5,000 vehicles and receives over 30,000 applications per month.
Here are some key milestones in the Planet42’s development:
- 2017: Marten and Eerik move to South Africa and establish the company
- 2018: First car delivered to the customer by Planet42
- 2019: First algorithm developed
- 2020: 2,000 cars delivered to the customers
- 2021: Expansion to Mexico
