About Octane Lending
The $21B Powersports market (motorcycles, ATVs, UTVs, PWCs, snowmobiles) is all about fast and fun, but the purchasing process is slow and frustrating. Octane enables consumers to live their passion by making powersports purchases instant, seamless, and widely available. Octane launched a credit product, branded as Roadrunner Financial, in 2016 to provide financing to prime and near-prime consumers who have historically been underserved by incumbank banks, expanding coverage to 50% of responsible consumers. Together with our automated underwriting and digital buying experience, Octane and RoadRunner cut the time to close a transaction from hours to minutes.
The market is choosing the Octane solution, as evidenced by ~25% of powersports merchants active on our platform (up 50% Y/Y), annualized origination run rate that is up over 3 X Y/Y. We are both the platform and the lender, which means we have both high growth and positive unit economics—rare for a fintech. We have raised ~$42M in equity from IA Ventures, Valar Ventures, Contour Venture Partners, Citi Ventures, and other leading investors and closed >$200M in debt equity.