Octane (Octane Lending, Inc.), a NYC-based fintech company improving the buying experience for major recreational purchases, raised $50M in Series E funding.
The round, whihc brought the total amount to $242M, was led by Valar Ventures led the round with participation from Upper90.
The company intends to use the funds to accelerate its expansion into new markets and expand its growth in existing markets.
Led by CEO Jason Guss, Octane delivers an end-to-end digital buying experience to allow people to make lifestyle purchases–like powersports vehicles, RVs, and outdoor power equipment–fast, and accessible.
Since its founding in 2014, the company has redefined the financing experience in the nearly $30 billion powersports market, which includes motorcycles, ATVs, UTVs, and personal watercraft. The company’s innovative digital tools, including the dealer platform and suite of soft-pull prequalification tools, help its over 4,000 dealer partners deliver a seamless experience to their customers. Through its in-house lender, Roadrunner Financial®, Inc., Octane has originated over $4 billion in loans and expanded into recreational vehicles (RVs), tractors, trailers, and electric vehicles.
The company works with over 30 original equipment manufacturer (OEM) partners and 4,000 dealer partners, and has a team of over 500 in remote and hybrid roles.
FinSMEs
06/08/2024