Octane raises $100 million in equity capital

The Series F funding round allows Octane to accelerate its market penetration and deepen its product offering, the company said in a Monday news release

Vehicle-focused lending platform Octane has raised $100 million in equity capital.

The Series F funding round allows Octane to accelerate its market penetration and deepen its product offering, the company said in a Monday news release.

Building on our strong foundation, this capital allows us to move more quickly on key initiatives that will further differentiate us in existing markets and speed up our entrance into new ones, said Jason Guss, Octane’s co-founder and chief executive.

We’re grateful to our existing investors for their continued support and belief in our vision, as well as to new investors for their partnership. We look forward to strengthening these relationships as we expand our offerings and unlock the full potential of financial products for merchants and consumers, Guss said.

Launched in 2014, Octane said it has originated more $7 billion in loans through its in-house lender Roadrunner Financial, covering consumers who wish to purchase things like motorcycles, ATVs and snowmobiles.

This year, the release added, the company has launched a range of products and tech enhancements. This includes updates to its financing portal to provide even faster, easier customer acquisition and closing processes for merchants, while its customer portal offers simplified payment options, expedited question resolution, and increased flexibility.

As PYMNTS wrote earlier this year, simplicity is increasingly important for consumers dealing with lending platforms.

Speed is becoming the defining feature of lending, and borrowers are setting the pace, that report said. With inflation pinching household budgets and emergencies around every corner, consumers no longer consider instant disbursements a perk or convenience. They expect them.