South African fintech company raises US$300,000 in venture capital investor funding

A South African fintech company known as Franc has raised US$300,000 from venture capital investors. Franc is an investment robo-advisor that assists retail investors to invest in well-regarded equity funds and the money market. The company was established in May 2018 by Sebastian Patel and Thomas Brennan and has since expanded in size with a team of 20 strong individuals that keep the platform well-managed.

The funding raised will assist in expanding the company’s reach in the South African retail investor landscape which has already shown customer compatibility through the more than 14,000 downloads by new users who have invested more than US$160,000. Franc also intends to expand its reach to other African countries in Sub-Saharan Africa. The venture capital investor as well as the stake acquired were not disclosed.

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