OCN (formerly “OneCarNow”), the leading Fintech for gig workers across the Americas, announces an $86 million Series A fund raise – comprising equity and debt – in a major endorsement for the Company’s business model and track record.
Participating institutions include lead investors for the equity element: Caravela Capital (Brazil); Collide Capital (US); and Great North Ventures (US) with the debt element provided by new investor – i80 Group – a New York-headquartered investment firm.
Proceeds will be used for strategic international expansion. OCN is well-positioned for remarkable growth, and is already growing rapidly in the United States. The Company is committed to be the leading financial partner for the gig economy in the Americas – and targeting a global presence.
The market opportunity is compelling. Access to financing is a major challenge for the 4 million+ gig economy entrepreneurs in the Americas – who serve major ride-hailing and delivery platforms such as Uber, DiDi, and Lyft.
Leveraging its advanced technology, OCN underwrites customers often excluded from, or overlooked by, the formal financial system. OCN provides these essential workers the financial support they need to enhance their earnings and improve their quality of life.
Ahead of rapid expansion, OCN has strategically enhanced its leadership team. Appointments of General Managers for Mexico and the United States, strengthen OCN’s capacity to execute its international expansion strategy. 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 well-rounded and multi-disciplinary leadership team ready for long-term success.
Fueled by significant new capital and proven industry leaders, OCN is poised for a breakout year – transforming into a comprehensive Fintech platform with a diversified suite of innovative financial products and services to empower the gig workforce, and unlock a new era of financial inclusion.
Mairon Sandoval, CEO and co-founder of OCN, said: “When we founded OCN, we always had a vision of helping thousands of gig workers earn more and improve their lives. With our new financing, we can continue to improve our technology and operational capacity to reach more gig economy workers in Latin America as well as the United States.”
Edward Goldstein, Managing Director of i80 Group, said: “OCN has the disciplined and profitable economic model that we look to support with our capital. OCN provides critical resources to gig workers, an important and dynamic segment of the economy.”
Lucas Lima, Managing Partner at Caravela Capital, commented: “We are excited to support the team at OCN 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 they have started in Mexico to the Americas.”
Ryan Weber, Managing Partner at Great North Ventures, said: “Providing an all-inclusive rental model for ride-share drivers is crucial for economic growth, as it empowers drivers to achieve financial stability and enhances mobility solutions in a rapidly expanding market.”
