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's credit product expands coverage to 50% of responsible consumers underserved by incumbent banks while our automated underwriting and digital buying experience cuts 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) and an 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 and >$200M in debt capital from IA Ventures, Valar Ventures, Contour Venture Partners, Citi Ventures, and other leading investors.