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In 2022, Octane saw significant business growth, increasing originations by 74% year over year through its in-house lender. The company in October 2022, one year after surpassing $1b in aggregate loans, and six years after issuing its first loan. Octane's momentous growth is particularly notable given 2022's pervasive inventory constraints which slowed category growth.
"2022 provided a challenging macro backdrop with inflation fueling an increasing cost of funds and expectations for increasing consumer credit losses. Despite these headwinds, we made significant progress across various strategic fronts, including scaling our products and entering new markets, while repositioning the business to face the new macro reality," said Jason Guss, Co-Founder and CEO of Octane. "As we look into 2023, we believe our strategy positions us to successfully face down whatever unfolds in the macroeconomic environment."
