Mexican fintech start-up OCN lands $86m Series A funding round to drive international expansion
OCN (formerly known as OneCarNow), a Mexican fintech start-up providing access to financial services to gig workers across the Americas, has secured an $86 million Series A funding round comprising a mix of equity and debt.
OCN raises $86 million Series A funding
The equity component of the round was co-led by US venture capital firms Collide Capital and Great North Ventures, alongside Brazilian VC Caravela Capital. The debt funding has been provided by New York-based investment company i80 Group.
Founded in 2021, OCN is a financial platform which provides gig workers in Latin America and the US access to capital for car rentals. The company says it utilises risk assessment analysis to lend to customers who are “often excluded from or overlooked by the formal financial system in Latin America and the US”.
The cash injection will be used to drive OCN’s international expansion, particularly in the US, where the fintech has recently launched operations in South Florida.
The company says it is looking to achieve “a global presence” moving forward.
Speaking to Bloomberg, co-founder and CEO Mairon Sandoval says that the firm also plans to scale its tech infrastructure and expand beyond car rentals by introducing additional financial products, with the aim to enter the Brazilian market in 2025.
Aside from the funding, the company has also created a string of upper management positions to help power its expansion, including general manager roles for Mexico and the US along with chief financial officer, chief risk officer, chief operating officer, and chief technology officer positions.
