MÉXICO CITY, July 16,
2024 /PRNewswire/ -- OCN has secured $86 million in new funding. This substantial
capital injection positions OCN for a year of remarkable growth,
driven by strategic expansion plans and a commitment to becoming
the leading financial partner for the gig economy in the
Americas.
About OCN
OCN is a fintech company dedicated to providing access to
financial services to gig workers across the Americas. Leveraging
its advanced technology, OCN underwrites customers often excluded
from or overlooked by the formal financial system in Latin America and the US.
Access to financing is a major challenge for over 4 million gig
economy entrepreneurs in the Americas serving major ride-hailing
and delivery platforms such as Uber, DiDi, and Lyft. OCN provides
these essential workers the financial support they need to enhance
their earnings and improve their quality of life.
OCN Steps on the Accelerator
The $86 million funding round,
which includes continued participation from lead investors Caravela
Capital, Collide Capital, and Great North Ventures, signifies a
strong endorsement of OCN's business and proven track record.
Notably, the round also includes financing from US-based investment
firm, i80 Group.
"When we founded OCN, we always had a vision of helping
thousands of gig workers earn more and improve their lives," said
Mairon Sandoval, CEO and co-founder
of OCN. "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."
"Access to credit and good financial services is a major problem
for gig workers globally", said Ivan
Montoya, Managing Partner of NuMundo Ventures. "Having
backed OCN since before launch, I am excited that they will be able
to bring their solutions to millions of gig workers across the
Americas."
Building a World Class Leadership Team
In preparation for rapid expansion, OCN strategically enhanced
its leadership team. These appointments of General Managers for
both Mexico and the United States, strengthen OCN's capacity
to execute its international expansion strategy. Additionally, the
creation of critical roles such as Chief Risk Officer, Chief
Technology Officer, and Chief Operating Officer, and Chief
Financial Officer underscores OCN's commitment to building a
well-rounded and multi-disciplinary leadership team ready for
long-term success.
A Clear Roadmap for Growth
Fueled by significant new capital and a team of proven industry
leaders, OCN is poised for a breakout year.
"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,"
said Edward Goldstein, Managing
Director of i80 group.
Ultimately, the company aspires to transform into a
comprehensive financial technology platform, offering a diversified
suite of innovative financial products and services designed to
empower the gig workforce and unlock a new era of financial
inclusion.
About i80 Group
i80 Group is an SEC-registered, global investment firm that was
founded in 2016. The firm provides asset-based investments that
help companies scale through critical growth milestones. i80 Group
manages approximately $1.6bn, with
headquarters in New York, and
additional offices in San
Francisco and London. For
more information, please visit www.i80group.com.
OCN INVESTOR QUOTES
Caravela Capital:
"We are excited to support the team at OCN in its next phase of
growth," said Lucas Lima, managing
partner at Caravela Capital. "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"
Great North Ventures:
"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," said Ryan Weber,
Managing Partner at Great North Ventures."
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SOURCE OneCarNow