OneLot, a financing platform for used car dealers in the Philippines, has raised US$3.3 million in a seed funding round.

Accion Ventures and 468 Capital co-led the round. New and existing investors like Seedstars, Crestone Venture Capital, and Kaya Founders are also participating.

The fresh capital will fund the expansion of affordable financing and digital tools for independent dealerships.

OneLot targets the US$15 billion Philippine used car industry, a sector that family-owned businesses dominate.

According to the company, nearly 90% of these dealers remain without reliable bank financing.

OneLot provides secured inventory loans, using AI-driven underwriting combined with on-the-ground vehicle appraisal to issue credit decisions within hours.

Beyond financing, the company is building a platform to help dealers source vehicles, manage inventory, and streamline sales.

In its first one and a half years of operation, OneLot has issued over US$7 million in loans and now supports over 150 dealers on its platform.

“With this new funding round, we’re doubling down on our mission to become the leading financing platform for used car dealers,” said Harm-Julian Schumacher, CEO and Co-Founder of OneLot.

Rahil Rangwala, Managing Partner of Accion Ventures, commented on the investment. He said that OneLot is breaking down barriers to credit and building a financial engine for growth.

OneLot plans to use the new funds to expand its dealer network, extend more credit to existing partners, and broaden its product suite.

Featured image by OneLot.