OCN offers financial products for gig economy workers, including a rental model for ride-share drivers who work on platforms like DiDi and Lyft. The company raised $86 million in a Series A that included both equity and debt capital. Management says the funds will be used to expand services — including into the U.S. — and to improve its technology stack and operational capacity across Latin America and the U.S. CEO and co-founder Mairon Sandoval highlighted the funding’s role in boosting tech and operations. i80 Group described OCN as having discipline and a profitable model worth supporting. The business positions itself to serve gig workers often overlooked by traditional financial services firms. OneCarNow provides all-inclusive car subscriptions that let gig workers use a brand-new vehicle for 36 months with a purchase option at the end of the contract. Borrowers must demonstrate experience as professional drivers on platforms such as Uber and DiDi, and payments are collected on a weekly basis. The company says it developed an underwriting model to serve underserved drivers who cannot afford proprietary cars. OneCarNow positions debt as a major component of its capital-efficient growth strategy to increase capacity to deploy assets for customers. Management aims to become the largest financing partner for the gig economy and to leverage its tech and data infrastructure to develop additional financial products for drivers. The company is backed by regional equity investors (unnamed in the article) and has secured asset-backed financing to expand its fleet.

Total raised

$106M

Funding rounds

3

Latest round

Series A

Latest activity

Jul 2024