A Canadian company specializing in automotive financing recently revealed a milestone.
OCAL Financial has funded more than 1,250 vehicle deals across British Columbia and Alberta.
The fintech firm, which trades on the TSXV as OCAL, says the achievement confirms their business model works at scale.
“More than twelve hundred and fifty funded deals is proof the model works in the real world, not just on a slide,” says Mehdi Moghareh, Chief Executive Officer of OCAL.
“And the customers who come back or send us a friend tell us we are earning trust, which is the hardest thing to earn in this business,” the CEO added, noting that nearly 18% of deals are from repeat or referred customers.
Founded in Vancouver in 2021, OCAL offers an AI-native, finance-first model that is described as being “backwards on purpose.”
“Everyone else finds the car first, then hopes for financing,” the company explains online. “We start with your approval. Then the car finds you.”
OCAL does not carry inventory; rather, the entirely online process includes the fintech searching national auctions and partner dealers for a car that fits each user.
The company “moves customers from application to approval, vehicle matching, digital contracting, and delivery in a single workflow.”
The company’s technology stack includes workflow orchestration, a lender-routing credit-intelligence tool, voice AI, and a centralized system built specifically for automotive transactions.
“Most companies do one piece,” the upstart’s website reads. “We run all four: financing, sourcing, delivery, and the technology in between.
OCAL earns revenue from vehicle sales and finance and protection products (98% of deals included some form of warranty or protection add-on), and does not hold consumer loans or assume credit-default risk.
Moving forward, OCAL is eyeing geographical expansion, including into bigger markets such as Ontario.
“Our job now is to turn that track record into steady, measurable growth as a public company,” says Matthew Friesen, Chairman of OCAL. “The base is real. The opportunity is to scale it responsibly, and that is exactly what we intend to do.”
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