The investment round is deemed "unique" due to its composition of just current supporters, including Rhode Island-based VC company Upper90 and major investor Valar Ventures.

Since its founding in 2014, Octane has focused mostly on the powersports industry, collaborating with dealers of motorcycles, ATVs, UTVs, and personal watercraft. In order to expedite the purchase process, the firm provides "instant credit decisions" using a dealer platform and digital technologies for soft-pull prequalification.

According to the fintech, it has worked with more than 30 original equipment manufacturer (OEM) partners to generate over $4 billion in loans through its own lender, Roadrunner Financial.

The funding infusion will support Octane's continued product development as well as its push into new markets.

With this new investment round, the firm has received a total of $242 million in equity, building on the $52 million Series D it secured in 2021.

This previous year has not seen many large-scale late-stage investment rounds. With the recent closing of its Series E fundraising round, Octane has now joined an exclusive group of fintech companies. The $150 million raised by AlphaSense in September of last year, the $65 million Series E extension by Scalable Capital in December, and the $90 million fundraising by Fibe in June are a few notable instances.