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Upper90 provides innovative financing to Octane Lending driving origination growth in the $60B recreational and powersports industriesNEW YORK, June 25, 2019 /PRNewswire/ --
Following the close of its successful Series B capital raise, Octane Lending, a leading technology marketplace that empowers consumers to efficiently access powersports vehicles by providing dealers with instant, full-spectrum credit offerings, has announced the close of a growth debt facility from Upper90, a leading capital provider for non-dilutive growth financing started by Jason Finger, Co-Founder and former CEO of Seamless (GRUB), Billy Libby, former Head of Quantitative Execution Sales at Goldman Sachs, and Alex Urdea, former Head of Risk at Solus Alternative Asset Management. This new financing brings Octane's total capital raised to $67M of equity and $255M of debt since the company's inception in 2014. Octane has been backed by a leading group of VCs operating at the intersection of e-Commece and financial services including Valar Ventures, IA Ventures, Contour Venture Partners, Third Prime, FinTech Collective, and Citi Ventures. "We are excited to support Jason Guss and the incredible team that he has assembled by providing this capital to both accelerate Octane's growth and, as importantly, mitigate any equity dilution to Jason and his tremendous group of existing investors," said Jason Finger of Upper90. Octane was created with the purpose of helping dealers obtain all their financing needs in one place while giving customers a seamless experience. The powersports market is all about fast and fun, but the purchasing process is slow and frustrating. Before Octane, it typically took up to an hour or more to complete a loan, and even then, with limited financing options. Octane's technology has materially reduced the time it takes to complete a loan which has contributed to the company's 4X growth in originations and a 50% increase in merchants during the last year. Octane has also secured partnerships with 40 manufacturers including BRP and Suzuki which has enabled the company to expand its geographic footprint and reach a broader customer base. Octane's strong management team and unique customer acquisition model caught the attention of Upper90, which saw the company's use of proprietary data to underwrite risk instantly as a sustainable advantage. "We are excited to help Octane continue to disrupt the $60B recreational and powersports industries by helping customers access more efficient capital with a digital experience at the dealerships," said Billy Libby, CEO of Upper90. "Upper90 provided a novel structure that solved our debt and equity needs, allowing us to execute on our growth plans. The firm has quickly become a strategic asset to our business and adds value far beyond capital alone," said Jason Guss, CEO of Octane Lending. For more information please visit: Octane Lending Upper90
SOURCE Upper90 
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