Octane, a fintech company focused on enabling “large-scale leisure purchases,” has raised $50 million in a Series E funding round.
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Valar Ventures led the round, which brings Octane’s total funding to $242 million with participation from Upper90.
Founded in 2014, Octane promises to improve the financing experience in the nearly $30 billion powersports market, which includes motorcycles, ATVs, UTVs and personal watercraft. The company’s digital tools, including a dealer platform and a suite of soft-pull prequalification tools, are used by over 4,000 dealer partners.
Through its in-house lender Roadrunner Financial, Octane has raised over $4 billion in loans.
Jason Guss, CEO of Octane, said: “Octane’s digital tools and broad credit coverage have propelled us to become leaders in our original market of powersports and gain significant traction in adjacent markets such as RVs. This new funding will help us build on that.” We will gain momentum and expand into new markets as we connect even more people with their passions.”