The $21B Powersports market (motorcycles, ATVs, UTVs, jet-skis, 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 ubiquitous. Our automated underwriting and digital buying experience cut the time to close a transaction from hours to minutes. Octane's credit product expands coverage to responsible consumers who are typically underserved by banks.
The market is choosing the Octane solution, as evidenced by growth in originations through our platform of more than 3X year-over-year and a quarter of all powersports merchants active on our platform. We are both a platform and a lender, which means we have both high growth and positive unit economics—rare for a fintech. We have raised >$100M in venture capital from leading investors such as IA Ventures, Valar Ventures, and Contour Venture Partners.