Carsome secures US$21.39mil financing facility from AmBank

• Claims this to be its largest bank-backed facility
• Facility at this scale a strong validation of Carsome’s business model

Carsome Group has secured US$21.39 million (RM100 million) in financing facility from AmBank Group to expand its liquidity, bolster its capacity for growth significantly and enhance its capacity to innovate.

The startup, Southeast Asia’s largest integrated car e-commerce platform which recently crossed 500,000 cars sold since its 2015 inception, claims this to be its largest bank-backed facility.

Christopher Yap, Managing Director, Business Banking, AmBank Group said, “With AmBank’s support, Carsome said it will be able to further accelerate different stages of the used car trading process, offering a comprehensive, hassle-free experience to its customers. AmBank's commitment to supporting Carsome underscores the bank’s dedication to fostering the growth of forward-thinking businesses and driving the evolution of the automotive industry in the region.”

Eric Cheng, Carsome Group’s Co-Founder and CEO said, “We are thrilled to partner with AmBank, marking a pivotal moment in our journey to revolutionize the automotive industry. A financing facility at this scale is a strong validation of Carsome’s business model and allows us to enhance Carsome Group’s overall financing capabilities. It also underscores our commitment to providing accessible solutions for our customers and elevating the car ownership experience. Through CARSOME Capital, we will leverage this partnership to further expand our service offerings, broadening our impact and continuing to innovate in the automotive ecosystem across Southeast Asia.”

While it started off as a used car selling platform, Carsome has grown into an end-to-end used car ecosystem across Malaysia, Thailand, Singapore and Indonesia with over 80 Carsome centres across over 50 cities offering a comprehensive suite of services including car inspections, sales, financing, and after-sales support. There has been constant speculation around its impending listing which is now not expected to happen until 2025.