The archive · Money & Fintech · Financial decision · 2022–2026
OCN bets ride-hail drivers are creditworthy: $86M A, 25k-car Mexico gig fleet
Mexico fintech bundles EVs, insurance and rent-to-own for gig drivers banks reject; $86M Series A, then a 25,000-car fleet across 22 states.
OCN (OneCarNow!)
What the business is
OCN sells all-inclusive car subscriptions — an EV, insurance, maintenance and 24/7 support in one weekly fee with a rent-to-own option — to rideshare drivers in Mexico and the US.
Starting capital：US$86M Series A (equity + debt, Jul 2024); US$150M equity/debt package led by Portage Ventures and i80 Group (Jul 2025); undisclosed Series B in early 2025
How it started
Mairon Sandoval co-founded OCN (originally OneCarNow!) with Manuel Cangas in Mexico in 2022. The wedge was personal: as a young rideshare driver, Sandoval could not access car financing, and fewer than 3% of ride-hail drivers in the region qualify for a traditional auto loan.
What happened
OCN grew from a 17-car pilot into a subscription fleet bundling EVs, insurance, maintenance, 24/7 support and a 4,000-mile monthly allowance, with a rent-to-own option after 24–36 months. In July 2024 it raised an US$86M Series A — equity from Great North Ventures, Collide Capital and Brazil's Caravela Capital, debt from i80 Group — and launched in Miami in October 2024. By 2025 it served 25,000+ drivers in 22 states, claimed a 98% portfolio return rate and profitability since early on, and announced a US$150M package to triple the fleet to 15,000 vehicles.
How it ended up
Scaling: operates in 22 Mexican states plus Florida and Texas, targets 15,000 vehicles in Mexico, added an InDrive fleet alliance in 2026, and plans a Brazil entry; still private, asset-heavy and debt-funded.
Background
OCN, formerly OneCarNow!, is a Mexico City fintech founded in 2022 by Mairon Sandoval and Manuel Cangas. Sandoval's starting point was personal: as a rideshare driver he could not get car financing, and fewer than 3% of ride-hail drivers in the region qualify for a traditional auto loan. OCN's answer is an all-inclusive subscription that bundles an EV, insurance, maintenance, 24/7 support and a 4,000-mile monthly allowance into one weekly payment, with a rent-to-own option after 24–36 months.
The bet is that rejected drivers are creditworthy if underwritten on the right data. Instead of the credit bureau file a bank would pull, OCN scores applicants on rideshare trip data, open-banking feeds and background checks — and keeps the car as collateral. The company grew from a 17-car pilot to more than 25,000 drivers across 22 Mexican states, claiming a 98% portfolio return rate and profitability from early on.
Capital followed the asset-heavy model: an US$86M Series A in July 2024 split between equity from Great North Ventures, Collide Capital and Caravela Capital and debt from i80 Group, a Miami launch in October 2024, and a US$150M equity/debt package announced in July 2025 to triple the fleet to 15,000 vehicles. OCN now also operates in Florida and Texas, added an InDrive alliance in 2026, and has prepared a Brazil entry.
What has to be true
- OCN attacked a market banks ignore — 97% of ride-hail drivers without loan access — instead of competing for the 3% that qualify.
- It underwrites on behavioral data (trips, open banking, driving record) that predicts repayment better than a thin credit file.
- Bundling EV, insurance and maintenance into one subscription matched how gig drivers actually earn, making the product sticky.
- Structuring the round as equity for software and debt for cars let OCN scale an asset-heavy model without diluting away the business.
What can be applied
When banks score on the wrong data, alternative underwriting isn't a niche — it's a market: OCN turned 'unbankable' drivers into a fleet by making the asset itself the collateral.
Aftermath
As of September 2, 2026, OCN is scaling: more than 25,000 drivers in 22 Mexican states, operations in Florida and Texas, and a stated US$150M plan to triple its Mexico fleet to 15,000 vehicles, with an InDrive alliance projecting 2,500 active vehicles in 2026. The company closed an US$86M Series A in 2024, an undisclosed Series B in early 2025, and a US$150M equity/debt package led by Portage Ventures and i80 Group in 2025. It claims a 98% portfolio return rate, profitability since early on, and has prepared a detailed entry analysis for Brazil.
Sources
- Fintech OneCarNow recauda US$86M para impulsar su modelo de renta de autos para trabajadores en México y EE.UU
- $86M and 25,000 Drivers In, OCN Has Mexico's Largest Gig Fleet
- OCN invertirá US$150 millones para escalar su modelo de autos por suscripción en México
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