Mexican fintech OCN, a fast-growing startup whose business involves providing car rental models to gig workers, is investing $150 million over 18 months to expand services in Mexico. The company is focused on expanding car access for ride-hailing drivers in five major cities: Mexico City, Monterrey, Guadalajara, Tijuana, and Querétaro.

The growth aligns with OCN's plan to triple its car fleet from 5,000 to 15,000 cars and expand its employees to 150 staff from 120. OCN estimates the number of gig drivers who can access cars under its scheme offering flexible car rentals with added-value services like maintenance and insurance at the thousands.

Redefining Auto Access in Mexico's Ride-Hailing Market

Founded in 2022 and formerly known as One Car Now, Mexican fintech OCN is set to solve a persistent problem in Mexico: the vast majority of ride-hailing drivers—over 80%—are not owners of the vehicles they drive. This is due in part to the fact that Mexico has tight financial systems that exclude informal or self-employed employees.

OCN solves this issue with a model through which gig workers can rent new cars on a week-to-week pay arrangement. They provide roadside assistance, insurance, and maintenance with the leases. Drivers may purchase the car after 36 months—a clear, tangible way to car ownership.

CEO Stresses Financial Inclusion

OCN provides gig workers, who due to socioeconomic prejudice are typically turned down for auto finance despite being able to pay, with access to financial services, CEO and co-founder Mairon Sandoval stated.

He went on, "We don't sell mobility—we offer a new way of making money." Drivers with access to their own cars are able to earn up to eight times Mexico's minimum wage, which makes them considerably more economically secure, Sandoval stated.

Supported by Strong Venture Capital

The investment comes after a February 2025 close of a Series B funding round. The amount raised wasn't disclosed, but the equity component was led by Portage Ventures and the debt component by i80 Group.

The fundraising is significant because venture capital investment in Latin America is at a seven-year low, based on data from PitchBook. Uncertainty in global economies and a retreat by U.S. investors have depressed capital flows into the region.

In spite of such a daunting environment, OCN still holds investor confidence owing to its corporate social responsibility model and increasing market presence.

Fostering Adoption of Electric Mobility

In the past year, Mexican fintech OCN has already doubled its fleet to 5,000 vehicles, 2,000 of which are electric vehicles (EVs) of Chinese carmaker BYD Co. The growth is in line with OCN's mission to help speed the transition of Latin America to electric mobility, which has been slowed by the high upfront cost of EVs.

By absorbing those costs and offering EVs via its rental program, OCN allows more gig workers to enjoy green transportation. "Our goal is to make electric mobility economically viable," Sandoval said.

Expansion Beyond Mexico

With a presence in 12 states of Mexico, OCN has already made a mark in the U.S. market with a presence in Texas and Florida. The biggest opportunity in the future is Brazil. The company feels that there is huge upside in Brazil's urban gig economy and that its model can also help drive EV uptake in South America's largest economy.

Solid Foundation and Future Vision

OCN previously raised $86 million of Series A in 2024 with Caravela Capital, Collide Capital, and Great North Ventures as equity backers and again debt funding with i80 Group as backers. These rounds have provided OCN with a strong financial base to grow rapidly.

With its latest investment announcement, Mexican fintech OCN will become a game-changer in Latin America's gig economy. By putting an end to unavailability of credit, promoting EV adoption, and providing genuine pathways to car ownership, the firm is redefining what mobility and financial inclusion mean to thousands of gig economy workers.