NEW YORK, June 25, 2019 /PRNewswire/ --
- Octane Lending, a leading point-of-sale platform that empowers powersports dealers to provide fully automated financing to traditional and previously underserved customers, raises non-dilutive growth debt facility from Upper90.
- Octane Lending has raised $67M in equity and $255M in debt from Valar Ventures, IA Ventures, Contour Venture Partners, Third Prime, Citi Ventures, FinTech Collective, FundersClub, Dreamit Ventures, and others.
- With 4X growth in originations, Octane Lending turned to Upper90 for capital to expand its full-spectrum credit product.
- Upper90 has quickly become a "first choice" capital partner for financing growth without selling equity. Other data driven platforms in Upper90's portfolio include Clearbanc, Domio, Thrasio, FilmRise, Payability, and Comfreight.
Following the close of its successful Series B capital raise, Octane Lending, a leading technology marketplace that empowers consumers to efficiently access powersports vehicles by providing dealers with instant, full-spectrum credit offerings, has announced the close of a growth debt facility from Upper90, a leading capital provider for non-dilutive growth financing started by Jason Finger, Co-Founder and former CEO of Seamless (GRUB), Billy Libby, former Head of Quantitative Execution Sales at Goldman Sachs, and Alex Urdea, former Head of Risk at Solus Alternative Asset Management.
This new financing brings Octane's total capital raised to $67M of equity and $255M of debt since the company's inception in 2014. Octane has been backed by a leading group of VCs operating at the intersection of e-Commerce and financial services including Valar Ventures, IA Ventures, Contour Venture Partners, Third Prime, FinTech Collective, and Citi Ventures. "We are excited to support Jason Guss and the incredible team that he has assembled by providing this capital to both accelerate Octane's growth and, as importantly, mitigate any equity dilution to Jason and his tremendous group of existing investors," said Jason Finger of Upper90.
Octane was created with the purpose of helping dealers obtain all their financing needs in one place while giving customers a seamless experience. The powersports market is all about fast and fun, but the purchasing process is slow and frustrating. Before Octane, it typically took up to an hour or more to complete a loan, and even then, with limited financing options. Octane's technology has materially reduced the time it takes to complete a loan which has contributed to the company's 4X growth in originations and a 50% increase in merchants during the last year.
Octane has also secured partnerships with 40 manufacturers including BRP and Suzuki which has enabled the company to expand its geographic footprint and reach a broader customer base.
Octane's strong management team and unique customer acquisition model caught the attention of Upper90, which saw the company's use of proprietary data to underwrite risk instantly as a sustainable advantage. "We are excited to help Octane continue to disrupt the $60B recreational and powersports industries by helping customers access more efficient capital with a digital experience at the dealerships," said Billy Libby, CEO of Upper90.
"Upper90 provided a novel structure that solved our debt and equity needs, allowing us to execute on our growth plans. The firm has quickly become a strategic asset to our business and adds value far beyond capital alone," said Jason Guss, CEO of Octane Lending.
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