Secondhand car financing platform OneLot has raised $3.3 million from what is believed to be the largest seed funding round in the Philippines this year so far, allowing it to expand its budget offerings and digital tools for independent dealers.
The seed round was led by Accion Ventures and 468 Capital, with participation from Everywhere Ventures, Seedstars, Crestone Venture Capital, Kaya Founders, Georg Steiger of BillEase and Jojo Malolos of Paymongo.
‘With this new funding round, we’re doubling down on our mission to become the leading financing platform for used car dealers,’ OneLot CEO and co-founder Harm-Julian Schumacher said on Tuesday.
OneLot is a financing platform for used car dealers that uses AI-driven underwriting models and onsite vehicle appraisal for faster release of inventory loans.
Fresh funds
In its first one and a half years of operations, the platform has issued more than $7 million in loans across the 150 dealers on its platform.
With the fresh funds it had secured, OneLot is eyeing to penetrate further into the $15-billion secondhand car market in the Philippines.
‘The fresh capital will accelerate OneLot’s mission to empower used car entrepreneurs with faster access to credit, AI-driven underwriting, and technology solutions that help them grow their businesses,’ it said.