OCN (formerly OneCarNow), a Fintech for gig workers across the Americas, has announced a $86m Series A fund raise.
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.
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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 is also 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.
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By GlobalDataMairon 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, added: “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.”
