Octane Lending, Inc., a NYC-based technology-enabled powersports finance company, closed its Series A funding round.
The round was led by Berenson Capital Partners and IA Ventures. In conjunction with the funding, Berenson’s Gary D. Nusbaum and IA Ventures’ Roger Ehrenberg have both joined Octane’s Board of Directors.
The company intends to use the funds for growth in powersports and adjacent verticals.
Founded in 2014 by Jason Guss, CEO, Octane has three flagship offerings:
– The Octane Marketplace, which enables powersports dealers to secure loans, insurance, and warranties on behalf of their customers.
– Octane Lending Loan Origination System, a tool for lenders to score consumer loan applications, and
– Roadrunner Financial, which seeks to provide banks and other financial institutions with an efficient means of gaining exposure to esoteric secured consumer asset classes with attractive risk adjusted returns such as powersports originations.