Tech in Africa
Franc is a South African fintech startup associated with AlphaCode.They assist people who are new to the world of investment. According to Disrupt Africa, the company has thus far raised over $300,000 in seed funding as part of an ongoing round.
Franc offers its users a simplified way of accessing the money market and exchanging traded funds. Thus far the business has witnessed a 25% monthly increase in new investors, according to a Techfinancials article. The covid19 pandemic has reminded everyone of the need of having some emergency funds tucked away.
Thomas Brennan, founder, and CEO of Franc, believes it’s more rewarding investing through franc.app than leaving your money in a bank savings account which loses value when adjusted for inflation in the long run. In South Africa, the inflation estimate this 2020 stands at 4%, withdrawals over time will see you lose money – especially during the pandemic.
Franc was publicly launched in October 2019. There are over 14,000 downloads thus far and the user base has doubled in the last 2 months. $160,000 has gone into its powerful platform that currently operates in South Africa but is aiming to expand outward into other African countries. Users part with a 1% all-inclusive fee to invest through the app.
