OCN Gears Up with $86 Million Funding Round

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