We’re excited to announce our participation in the Series A round of Octane Lending, led by Berenson Capital and IA Ventures.
Octane Lending is a powersports financing company headquartered New York City. Their Octane Lending Platform offers point-of-sale financing and insurance that allows powersports dealers to apply for loans on behalf of their customers. Their Loan Organization System enables salesmen to apply to multiple financing sources at once, creating a simpler, more competitive marketplace in the powersports financing sector.
“Our goal is to simplify the consumer powersports financing process, creating an efficient and integrated marketplace of lenders, dealers, and consumers,” said Jason Guss, co-founder and CEO of Octane. “We are delighted by the growth that we have achieved over the past two years, and thrilled to partner with Berenson and IA Ventures as we strive to take our business to the next level.”
The way that Octane Lending has structured the financing process benefits all of the participating parties, namely, the consumers, dealers, and financial institutions. Consumers get lower APRs, faster approvals, and a higher loan to value ratio. Dealers are able to sell more units, get a broader range of clients financed and get faster approvals so that they can close the sale. Financial institutions are able access an underserved asset class while customizing the target customer appropriate for them and their credit algorithms.
We believe in the founding team. Founder Jason Guss has deeply relevant experience from his time at Capital One, an established leader in the powersports financing market, and at Raven Ridge Capital.
"Jason and his team are doing everything that we love to see at Dreamit,” states Karen Griffith Gryga, Chief Investment Officer of Dreamit. “They are modernizing an ineffective and inefficient processes through a marketplace, while servicing consumers, dealers and capital providers in a win/win/win approach. While this, they recognized another need in the marketplace, i.e. providing financial products to near-prime and sub-prime buyers. They put together all of the elements to service this customer base, no small task, and are in the process of expanding the overall market through their solutions.”
Here at Dreamit, we are excited to see what the future of Octane Lending holds. As the company grows and the ball gets rolling, they will gain momentum with better data and relations in the powersports market.