Fintech
Mexican Fintech Major OCN Raises $86M in Series A – My Startup World
OCN (formerly “OneCarNow”), the leading fintech for the self-employed in the Americas, announces an $86 million Series A funding round in equity and bonds to support the company’s business model and track record.
Participating institutions include lead investors for the equity component: Caravela Capital (Brazil); Collide Capital (US); and Great North Ventures (US), while the debt component is provided by new investor i80 Group, a New York-based investment firm.
The proceeds will be used for strategic international expansion. OCN is well-positioned for significant growth and is already growing rapidly in the United States. The company is committed to being the leading financial partner for the gig economy in the Americas, aiming for a global presence.
The market opportunity is tantalizing. Access to financing 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 clients who are often excluded or overlooked by the formal financial system. OCN provides these essential workers with the financial support they need to increase their earnings and improve their quality of life.
In anticipation of rapid expansion, OCN has strategically strengthened its management team. The appointments of General Managers for Mexico and the United States strengthen OCN’s ability to execute its international expansion strategy. The creation of critical roles such as Chief Risk Officer, Chief Technology Officer, Chief Operating Officer and Chief Financial Officer underscores OCN’s commitment to building a comprehensive, multidisciplinary management team poised for long-term success.
With significant new capital and proven industry leaders, OCN is poised for a breakthrough year as it transforms into a full-service fintech platform with a diverse range of innovative financial products and services to empower the casual workforce and usher in a new era of financial inclusion.
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 i80 Group, said: “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 of Caravela Capital, commented: “We are excited to support the OCN team in its next phase of growth. We are very impressed with the underlying 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 Ventures, said, “Offering an all-inclusive rental model for ride-sharing drivers is critical to economic growth, enabling drivers to achieve financial stability and improving mobility solutions in a rapidly expanding market.”