OneCarNow!, a fintech company providing vehicles and financial services to gig workers across the Americas, has secured $86 million in a combination of equity and debt financing. This significant capital injection, led by equity funding from Caravela Capital, Collide Capital, and Great North Ventures, with debt financing from i80 Group, is poised to propel OneCarNow! towards a year of significant growth and strategic expansion.
OneCarNow! aims to expand nationally and internationally throughout 2024, continuing to grow as a financing partner for the gig economy. The company aspires to evolve into a horizontal fintech platform, leading to product diversification and broader market reach.
About OneCarNow!:
Founded in 2021, OneCarNow! initially launched in Mexico to help ride-share drivers secure and maintain vehicles, enabling them to generate steady income. Partnering with major ride-share companies like DiDi and Uber, OneCarNow! connects with drivers who qualify for new vehicles based on their driving history who receive attractive rates far better than costly rentals or predatory loans along with other benefits.
How It Works:
- Vehicle Procurement: OneCarNow procures new vehicles from OEMs at discounted rates.
- Driver Assistance: Provides comprehensive support for drivers to take possession and maintain their vehicles including insurance, licensing, and ongoing maintenance.
- Contract Terms: Drivers sign up for 3-year contracts with even weekly payments and no up-front fees. They receive bonuses on the sale of their vehicles at contract-end based on the condition of the vehicle or maintain an option to purchase.
Looking Ahead:
Mairon Sandoval, CEO and Co-Founder of OneCarNow!, expressed the company’s vision of helping gig workers improve their earnings and quality of life. With the new financing, OneCarNow plans to enhance its technology and operational capacity to reach more gig economy workers in Latin America and the US.
OneCarNow! aims to transform into a comprehensive fintech platform, offering a diversified suite of innovative financial products and services. This vision is designed to empower the gig workforce and unlock a new era of financial inclusion, positioning OneCarNow! as a dominant player in the fintech landscape.
Great North Ventures first invested in OneCarNow! in May 2023 as part of the company’s Seed funding round. A Great North Ventures investment theme is to invest in startups building market-driven solutions for workplaces and labor. Great North Ventures previously invested in the Series B round of Branch, the leading instant payment provider for gig and hourly workers. Branch powers the Uber Pro Card. More recently, Great North Ventures also invested in another LATAM fintech startup Mangxo which is servier Latam construction workers. Providing an all-inclusive rental model for ride-share drivers is crucial for economic growth, as it empowers drivers to achieve financial stability and enhances mobility solutions in a rapidly expanding market. Great North Ventures primarily serves startups in underserved geographic markets with a beachhead in the Upper Midwest though more broadly across North America including in Mexico with OneCarNow! marking its first investment.
Related: See Bloombergs’s article covering this funding round.
