Mexican FinTech OCN, formerly known as OneCarNow, has successfully secured $86m in a Series A funding round, according to a report form Bloomberg.
This significant financial boost will support the company’s growth initiatives both locally and internationally.
The funding, a mix of equity and debt, saw participation from prominent investors. Brazil’s Caravela Capital, Collide Capital, and Great North Ventures were the main players in the equity segment, while the debt portion was led by New York-based i80 Group.
OCN operates as a financial platform that provides essential services to gig workers. These services include flexible car rental options tailored to the needs of workers who, due to socioeconomic factors or credit limitations, might not have access to traditional financial products. The company’s model allows for weekly rental fees that cover maintenance and insurance, with an option to buy the car after three years.
Mairon Sandoval, co-founder and CEO, said, “OCN is essentially a financial platform that offers accessibility for gig workers to have access to working capital that, because of their social economic background, credit score and other limitations, they wouldn’t otherwise have access to.”
Currently, OCN’s operations span 22 states across Mexico, including major cities like Mexico City, Monterrey, and Guadalajara, and have recently expanded into South Florida. The company has served over 25,000 customers, showcasing its substantial impact on the gig economy.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
