Octane, a New York-headquartered fintech built to help individuals access financing for “major recreational purchases”, has bagged a $50 million Series E funding round.
The round is described as “unique” for being composed entirely of existing backers, with Valar Ventures leading the funding and Rhode Island-based VC firm Upper90 also contributing.
Founded in 2014, Octane has so far primarily looked to serve the powersports market, partnering with dealers of ATVs, UTVs, personal watercraft, and motorcycles. The company offers a dealer platform and soft-pull prequalification digital tools to provide “instant credit decisions” to help streamline the purchasing process.
The fintech reports that through its in-house lender, Roadrunner Financial, it has so far originated over $4 billion in loans working with over 30 original equipment manufacturer (OEM) partners.
The capital injection will be used to propel Octane’s expansion into new markets and boost further product development.
The latest funding round builds on the $52 million Series D secured by the company in 2021 and brings its total equity raised to $242 million.
Large late-stage investment rounds have been rare this past year. Octane now joins a select group of fintechs that have recently closed Series E funding rounds. Notable examples include AlphaSense’s $150 million raise last September, Scalable Capital’s $65 million Series E extension in December, and Fibe’s $90 million fundraise in June.
