Investment app developer Franc has raised R8-million in “seed extension” funding led by 4DX Ventures and is using the money launch a business-to-business (B2B) offering.
Call Franc Business, the B2B product is aimed at businesses that want to entrench customer loyalty and their value proposition with a “plug and play” investment and savings offering, Franc said in a statement on Thursday.
Franc was launched in 2018 as a “digital stokvel” by “university mates”, actuary Sebastian Patel (its chief operating officer) and engineer Thomas Brennan (its CEO), who was previously head of digital innovation at Discovery.
Franc doesn’t impose investment minimums on its users, and they can invest as much as they want through the app.
Franc Business will allow companies to offer investment products to their own customers using Franc’s technology and licence.
“We provide a single application programming interface, which gives us the ability to integrate with client platforms quickly and easily,” the company said.
Money invested through the app is reinvested in two funds: the Allan Gray Money Market and the Satrix Top 40 ETF. The Allan Gray fund returned 4.5% over the last 12 months; the Satrix ETF returned 12%/year on average over the past three years and 10% on average per year over the past five years. – © 2022 NewsCentral Media
