Mexican fintech OCN will invest $150M over the next 18 months to expand vehicle access for gig workers in Mexico and the U.S. OCN also plans to enter Brazil in 2025. The announcement follows an $86M Series A round in 2024.
Founded in 2022, OCN utilizes proprietary risk assessment tools to provide financing to gig workers who are typically excluded from traditional credit systems. Drivers rent cars weekly with insurance, maintenance, and roadside assistance included.Â
OCN will use the money to triple its fleet from 5,000 to 15,000 vehicles, expand coverage to five major Mexican cities, including Mexico City, Monterrey, Guadalajara, Tijuana, and QuerĂŠtaro, and grow its 120-person team. OCN also plans to launch new financial products tailored to independent workers and expand to Brazil, aiming to position itself as a key player in economic mobility across the gig economy.
âOCN provides access to financial products for gig economy workers who, due to socioeconomic bias, are often denied vehicle financing despite having the ability to repay,â said CEO Mairon Sandoval.
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