Octane Lending secured a debt facility from capital provider Upper90 last week as the company continues to expand its lender aggregator platform, Chief Executive Jason Guss told Powersports Finance.
“As we continue to grow, our line with Upper90 provides us a flexible solution to continue efficiently scaling our balance sheet,” Guss said, declining to specify the amount of the new facility.
The Upper90 facility brings Octane’s total capital to $67 million of equity and $255 million of debt since the company was founded in 2014, according to a press release. Octane is backed by venture capitalists Valar Ventures, IA Ventures, Contour Venture Partners, Third Prime, FinTech Collective and Citi Ventures.
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Octane Lending is a software firm designed to streamline and increase access to financing for customers at powersports dealerships. One digital credit application filled out through the platform can be submitted to multiple lenders. The company has partnerships with 40 manufacturers, including BRP and Suzuki, according to a press release.
Octane Lending’s dealer network has been on the rise, of late. Last month, 1,277 dealers submitted applications through Octane’s loan portal, a 53% increase year over year, Guss noted.