OCN, a gig worker-focused FinTech formerly known as OneCarNow, recently secured $86 million in equity and debt in a Series A funding round. This significant investment will be used to support the company’s expansion plans across the Americas and globally, according to a press release sent out by OCN on July 15th.
The firm, headquartered in Mexico, has a clear mission of helping gig workers improve their earnings and quality of life. OCN CEO and co-founder Mairon Sandoval expressed his excitement about the new funding, stating that it will enable the company to enhance its technology and operational capabilities to reach more gig economy workers in Latin America and the United States.
Currently, OCN offers car rental models tailored for gig workers in 22 Mexican states and South Florida, serving over 25,000 customers. The company has ambitious plans to expand its services in Mexico and the U.S., with a target to enter the Brazilian market by 2025.
To support its rapid growth, OCN has bolstered its leadership team by appointing general managers for Mexico and the U.S., as well as key executives in risk management, technology, operations, and finance. This strategic move aims to strengthen the company’s organizational structure and drive its expansion plans forward.
One of the key aspects of OCN’s business model is its use of technology to underwrite gig worker customers who often face challenges in accessing traditional financial services. With over 4 million gig economy entrepreneurs operating in ride-hailing and delivery platforms across the Americas, there is a growing need for innovative financial solutions tailored to their unique needs.
The latest funding round for OCN was led by prominent investors such as Caravela Capital in Brazil, Collide Capital, and Great North Ventures in the U.S. Additionally, New York-based i80 provided the debt component of the financing, highlighting the strong support and confidence in OCN’s business model and growth potential.
The success of OCN reflects a broader trend in the FinTech industry, where companies are increasingly focused on addressing the financial challenges faced by gig workers. Platforms and smaller banks are stepping up to provide solutions that help gig workers achieve financial security in a flexible work environment, navigating complex tax and benefit systems with greater ease.
In conclusion, OCN’s recent funding milestone underscores the growing importance of FinTech solutions for gig workers in the evolving landscape of the gig economy. With its innovative approach and strategic expansion plans, OCN is well-positioned to make a meaningful impact on the financial well-being of gig workers across the Americas and beyond.
