OneLot, a Philippine fintech company, has secured $4 million in pre-seed funding to transform the used car financing landscape in the Philippines. Led by 468 Capital, the funding round also included participation from Kaya Founders, Crestone Venture Capital, 21yield, Founders Launchpad, and angel investors.
The Philippines’ rapidly expanding used car market, fueled by rising incomes and limited public transportation options, has been underserved by traditional financing solutions. OneLot addresses this gap by offering AI-powered financing solutions tailored to the specific needs of used car dealers.
Founded by Harm-Julian Schumacher, Tommy Campos, and Subramaniam Srinivasan, OneLot leverages its AI-driven underwriting system to provide faster, more efficient, and more affordable financing options. “Our platform was designed with the dealer’s needs in mind,” explains Subramaniam Srinivasan, OneLot CTO. “Thanks to our AI-driven processes, we offer higher credit limits, more competitive interest rates, and faster fund disbursement than any other provider in the market.”
Inspired by his own family’s car dealership in Germany, Harm-Julian Schumacher recognized the potential for OneLot to empower Filipino businesses. “I experienced firsthand how German financial institutions supported family-run dealerships like ours with a variety of loan solutions throughout the value chain,” he says.
Guilherme Steinbruch, Partner at 468 Capital, notes, “OneLot’s early success in penetrating this untapped market has validated major appetite for used car and dealership financing.”
Since its launch, OneLot has disbursed over $1.3 million in loans, financed more than 200 cars, and experienced 10x revenue growth in the second and third quarters of 2024. “Once a dealer partners with OneLot, they can quickly expand their car inventory, leading to substantial increases in revenue and profitability,” explains Tommy Campos, OneLot COO. “This is driving our customer retention rate, which exceeds 95%.”
The company plans to use the latest funding to extend its services to more dealers and accelerate product and AI development.