OCN secures USD 86 million in Series A funding round

By utilising its technology, OCN works towards serving customers often excluded from the formal financial system, offering these individuals the financial support they require to improve their earnings and optimise their quality of life. Supported by substantial capital injection and a strategically enhanced leadership team, OCN intends to become a comprehensive fintech platform with a diversified suite of financial products and solutions that can assist the gig workforce, and advance financial inclusion in the regions it operates in.

Furthermore, representatives from OCN underlined that the new financing is set to enable the company to continue to improve its technology and operational capabilities, thus reaching more gig workers in Latin America and the US. According to officials from the investment firms which participated in the funding round, the current capital is set to support OCN in its next phase of growth and allow it to deliver resources to gig workers, who represent a significant segment of the economy. Great North Ventures highlighted that offering an all-inclusive rental model for ride-share drivers is important in advancing economic growth, as it allows drivers to achieve financial stability and optimise mobility solutions in the current market.

Despite presenting several challenges, including uncertain worker protection and fair practices, Latin America saw an increase in the gig economy due to its ability to provide flexibility and the potential for additional income. This resulted in Latin America being a substantial contributor to the worldwide gig market, with this growth also being associated with the tech industry’s expansion. In addition, delivery and transportation apps, which increased in popularity since 2019, assisted this growth, with many individuals opting for this type of work after being laid off due to the COVID-19 pandemic.