TLDR:
– OCN, a Mexican fintech start-up, secures $86 million in Series A funding to drive international expansion
– Funding comprised of equity and debt from various venture capital firms and investment companies
OCN, formerly known as OneCarNow, has recently raised $86 million in a Series A funding round to facilitate its international expansion. The funding round consists of a mix of equity and debt, with US venture capital firms Collide Capital and Great North Ventures, alongside Brazilian VC Caravela Capital, leading the equity component. Debt funding has been provided by New York-based investment company i80 Group.
Founded in 2021, OCN operates as a financial platform offering gig workers in Latin America and the US access to capital for car rentals. The company focuses on providing financial services to individuals who are often excluded or overlooked by the formal financial system. The infusion of capital will be utilized to drive OCN’s international expansion, particularly in the US, where the fintech has recently commenced operations in South Florida. OCN aims to establish a global presence in the future and plans to introduce additional financial products beyond car rentals, with aspirations to enter the Brazilian market by 2025.
In addition to the funding, OCN has created several upper management positions to support its expansion, including general manager roles for Mexico and the US, along with positions for chief financial officer, chief risk officer, chief operating officer, and chief technology officer.
