OCN (formerly “OneCarNow”), the leading fintech company for gig workers across America, announces $86 million in Series A financing, comprised of equity and debt, in a major endorsement for the company’s business model and track record.
Participating institutions include lead investors for the equity component: Caravela Capital (Brazil); Collide Capital (USA); and Great North Ventures (US) with the debt component from new investor i80 Group, an investment firm headquartered in New York.
The proceeds will be used for strategic international expansion. OCN is well positioned for remarkable growth and is already experiencing rapid growth in the United States. The company is committed to being the leading financial partner for the gig economy in America – and is aiming for a global presence.
The market opportunities are convincing. Access to financing is a major challenge for the over 4 million gig economy entrepreneurs in America who serve major ride-hailing and delivery platforms such as Uber, DiDi and Lyft.
Leveraging its advanced technology, OCN insures customers who are often excluded or overlooked by the formal financial system. OCN provides these essential workers with the financial support they need to increase their income and improve their quality of life.
Ahead of its rapid expansion, OCN has strategically strengthened its leadership team. The appointment of general managers for Mexico and the United States strengthens OCN’s ability to execute its international expansion strategy. The 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 diverse and multidisciplinary leadership team poised for long-term success.
Fueled by significant new capital and proven industry leaders, OCN is poised for a breakthrough year – transforming into a comprehensive fintech platform with a diversified suite of innovative financial products and services to empower the gig workforce and usher in a new era of financial inclusion .
Mairon Sandoval, CEO and co-founder of OCN, said:
“When we founded OCN, our vision was always to help thousands of gig workers earn more and improve their lives. With our new funding, we can further improve our technology and operational capacity to reach more gig economy workers in Latin America and the United States.”
Edward Goldstein, Managing Director of i80 Group, said:
“OCN has the disciplined and profitable economic model that we want 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 OCN team in their next phase of growth. We are very impressed with the core technology, leadership team and the opportunity for OCN to expand what they started in Mexico into the Americas.”
Ryan Weber, Managing Partner at Great North Ventures, said:
“Providing an all-inclusive rental model for rideshare drivers is critical to economic growth, enabling drivers to achieve financial stability and improving mobility solutions in a rapidly growing market.”