Mexican FinTech OCN raises $86m in Series A

By Gloria Methri

OCN (formerly OneCarNow), a FinTech for gig workers across the Americas, has announced an $86 million Series A fundraising comprising equity and debt.

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 York-based investment firm i80 Group.

The proceeds will be used for OCN’s strategic international expansion. The company’s growth in the United States is already expanding. It aims to be the leading financial partner for the gig economy in the Americas and targets a global presence.

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. It provides these essential workers with the financial support they need to enhance their earnings and improve their quality of life.

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, added, “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.”