Octane, the financial technology (“fintech”) company that specializes in lending for major recreational purchases, today announced it has originated more than $1 billion in loans in 2022 through its in-house lender, Roadrunner Financial.
The company said the milestone follows a period of sustained business growth. It increased originations during the first three quarters of the year by 75% year-over-year. During the same period, the company grew its number of dealer partners by 26% and saw originations per dealer increase by 39%. The company said its success is particularly notable given ongoing inventory constraints and market volatility.
Octane surpassed $1 billion in total loans in May 2021, five years after issuing its first loan.
Octane has seen considerable investor demand for its loans, a testament to the company’s underwriting and consistent business performance, it said.
This latest news comes on the heels of Octane’s expansion into additional industries, including its entrance into the RV market.
“I’m incredibly proud of our team for their hard work in bringing speed and ease to the buying experience and helping us connect people with their passions,” said Mark Davidson, co-founder and chief revenue officer of Octane. “I also want to thank our over 30 OEM and 4,000 dealer partners for their support and trust as we transform our industry and make buying better.”
