Fintech
Mexican financial technology firm OCN raises $86 million in Series A
By Gloria Methri
Today
- Alternative financing
- Capital of the Caravela
- Capital in Collision
OCN (formerly A car now), a FinTech company for self-employed workers in the Americas, has announced an $86 million Series A funding round in equity and bonds.
Participating institutions include lead investors for the equity component: Caravela Capital (Brazil), Collide Capital (US) and Great North Ventures (US), while the fixed income component is provided by New York-based investment firm i80 Group.
The proceeds will be used for OCN’s strategic international expansion. The company is already growing in the United States. It aims to be the leading financial partner for the gig economy in the Americas and is targeting a global presence.
Access to finance is a major challenge for the more than 4 million gig economy entrepreneurs in the Americas, who serve major ride-hailing and delivery platforms like Uber, DiDi, and Lyft. Leveraging its advanced technology, OCN underwrites customers who are often excluded or overlooked by the formal financial system. It provides these essential workers with the financial support they need to increase their earnings and improve their quality of life.
Mairon Sandoval, CEO and co-founder of OCN said: “When we founded OCN, we always had a vision to help thousands of gig workers earn more and improve their lives. With our new funding, we can continue to advance our technology and operational capacity to reach more gig workers in Latin America and the United States.”
Edward Goldstein, CEO of the i80 Groupsaid, “OCN has the disciplined and profitable business model that we seek to support with our capital. OCN provides essential resources to the self-employed, an important and dynamic segment of the economy.”
Lucas Lima, Managing Partner at Caravela Capital, added, “We are excited to support the OCN team in its next phase of growth. We are very impressed with the core technology, the leadership team, and the opportunity for OCN to expand what it started in Mexico to the Americas.”
Ryan Weber, Managing Partner of Great North Venturessaid: “Offering an all-inclusive rental model for ride-sharing drivers is critical to economic growth, as it enables drivers to achieve financial stability and improves mobility solutions in a rapidly expanding market.”