APG, a global investment banking firm with expertise in underwriting alternative credit, announced that it has reached an agreement to purchase up to $20 million of automobile vehicles from OneCarNow!, a fintech company based in Mexico. Under the terms of the agreement, OneCarNow! can draw down up to $20 million in the next 24 months to finance its fleet expansion.

OneCarNow! is a fintech company offering all-inclusive car subscriptions with a purchase option at end of contract for gig workers in Mexico. Borrowers from OneCarNow must have proven experience as professional drivers with platforms such as Uber and DiDi. Many of those drivers would not be able to afford a proprietary car to service their clients. OneCarNow! developed an underwriting model that allows underserved drivers to use a brand-new car for 36 months, while making payments on a weekly basis.

 

"We are pleased to work with a company backed by tier 1 equity investors from the region," said Stefano Sciacca, Managing Director, at APG. "APG is committed to supporting OneCarNow!’s mission of revolutionising the car leasing market for the gig economy"

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"APG has been by far the most efficient debt institution we’ve worked with. The whole process has been very productive and the team has been very supportive of needed items/information for the analysis. Debt is a major component in our business model as it allows us to increase our capacity to deploy assets for our customers while being very Capital efficient." added Mairon Sadoval, CEO of OneCarNow!. "The VC market favours a) capital efficient business, b) models that can leverage debt to grow. For companies like us, debt has become a crucial component to scale on current market dynamics. OCN’s vision is to become the largest financing partner for the gig economy. By leveraging existing infrastructure on the operational component of the business, OCN has managed to build the tech and data infrastructure that will allow us to develop other financial products that currently gig workers have little access to. We see car subscriptions as a window to the whole gig economy.”