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US fintech Octane raises $50m

Octane, a fintech focussed on enabling "major recreational purchases", has raised $50 million in a Series E funding round.

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US fintech Octane raises $50m

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Valar Ventures led the round, which brings Octane's total funding to $242 million, with participation from Upper90.

Founded in 2014, Octane promises to smooth the financing experience in the nearly $30 billion powersports market, which includes motorcycles, ATVs, UTVs, and personal watercraft. The company's digital tools, including a dealer platform and suite of soft-pull prequalification tools, is used by over 4000 dealer partners.

Through its in-house lender, Roadrunner Financial, Octane has originated over $4 billion in loans.

Jason Guss, CEO, Octane, says: "Octane's digital tools and broad credit coverage have propelled us to become a leader in our initial market of powersports and gain significant traction in adjacent markets, like RVs. This new funding will help us build on this momentum and expand into new markets as we connect even more people with their passions."

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