Thomas Brennan, Franc’s CEO says they were frustrated by the complexity and high barrier to entry of existing investment offerings.
Brennan says they were frustrated by the complexity and high barrier to entry of existing investment offerings, and concerned by the poor rate of investment among South Africans, currently at less than 8%, outside of retirement products. The company recently raised R8m through a seed extension funding round, which included investment from pan-Africa focused venture capital firm 4DX Ventures. The capital injection will, in part, fund its enterprise offering Franc Business, aimed at businesses “who want to entrench customer loyalty and their value proposition with a ‘plug and play’ investment and savings offering.”
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