Perhaps interested investors may still get on board as South Africa’s fintech startup Franc’s seed round continues. So far, the startup has raised US$300,000 in funding over the course of the past six months of 2020, and would be looking for more from interested investors.
“We are still in the process of trying to raise further funding, and confirming new investors as we go along,” Co-founder Sebastian Patel said in an interview with Disrupt Africa. “Most was committed pre-COVID, but we have also got two new investors on board in the last two months.”
The startup plans to use the investment to further its growth. Since its public launch in October of last year, Franc has reportedly had 14,000 downloads.
Its user base has doubled in the last three months, and a total of US$160,000 has been invested through its platform so far, Patel said.
“We want to democratise access to investing by making investing easy and accessible. We want everyone to be able to create wealth and realise their dreams,” Patel said.
Read also: Why Many African Early-Stage Startups Fail To Secure VC Funding
A Look At What The Startup Does
- Launched in May 2018 by Sebastian Patel and Thomas Brennan, Franc is an investment robo-advisor that helps people who have never invested before access the best cash and equity funds in the market.
- Having bootstrapped until now, the startup has over the last six months raised US$300,000 in seed funding as part of an ongoing round.
- Currently only operating in South Africa, Franc nonetheless has the ambition to expand into other African jurisdictions. Users pay an all-in fee of one per cent of investments to invest through the app.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer