OneLot, a FinTech company dedicated to supporting used car dealers in the Philippines, has raised $3.3m.
The funding round was co-led by Accion and 468 Capital, with new participation from Seedstars and Everywhere Ventures.
Existing investors Crestone Venture Capital and Kaya Founders also took part, alongside angel investors including Georg Steiger and Jojo Malolos.
The investment will strengthen the company’s ability to scale its financing and technology solutions for used car dealers across the Philippines.
The funding aims to address a long-standing challenge faced by small car dealerships in the Philippines. There are an estimated 25,000 family-run used car dealers nationwide who remain underserved by traditional financial institutions.
Many of these dealers rely on personal savings or slow, outdated lending processes that make it difficult to secure enough capital to purchase inventory and grow their businesses, OneLot explained. Traditional banks rarely lend to used car dealers, it said, while legacy non-bank lenders can take weeks or even months to release funds — causing dealers to miss valuable business opportunities.
OneLot was founded on the belief that used car entrepreneurs deserve better financial support. The company provides fast and affordable credit solutions combined with digital tools designed to help dealers expand their inventory, increase sales, and improve profitability.
By offering streamlined financing and an easy-to-use platform, OneLot empowers local entrepreneurs to operate more efficiently and take advantage of market opportunities as they arise.
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