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South African Fintech, Franc raises $300k as part of wider seed funding round

South African fintech, Franc has raised US$300,000 in funding over the first half of the year, as part of a wider round of seed investment.

Ola Olaoluwa
Ola Olaoluwa

South African fintech, Franc has raised US$300,000 in funding over the first half of the year, as part of a wider round of seed investment.

The Sebastian Patel-and-Thomas Brennan-owned startup niches itself as an investment robo-advisor that helps new investors access the best cash and equity funds in the market, for an all-in fee of one percent of investments sourced through the Franc platform.

Speaking to Disrupt Africa on the firm's work, Patel said:

“We want to democratize access to investing by making investing easy and accessible. We want everyone to be able to create wealth and realize their dreams,” Patel told Disrupt Africa.

The investment will be used for further growth of Franc's reach and scale of offering.

Since its public launch in October 2019, Franc's app has had 14,000 downloads. Its user base has however doubled in the last three months, partly accounting for the US$160,000 that has been invested through the app so far.

Franc intends to subsequently expand into other African jurisdictions outside its South-African base.

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur