Kuala Lumpur, Malaysia – CARSOME has announced that it has secured RM100m in financing facility from AmBank Group to bolster capacity for future growth. The company’s end-to-end ecosystem has significantly expanded through its comprehensive suite of services, including car inspections, sales, financing, and after-sales support.
The RM100 million financing facility secured from AmBank Group will empower CARSOME, significantly enhancing its capacity to grow and innovate. This substantial funding will enable CARSOME to extend its reach, enhance its services, and drive sustained growth, reinforcing its commitment to delivering exceptional value across all facets of its operations.
With AmBank’s support, CARSOME 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, co-founder, chairman, and CEO at CARSOME Group 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.”
He addded, “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.”
Meanwhile, Christopher Yap, managing director of business banking at AmBank Group, commented, “AmBank is pleased to support CARSOME’s remarkable growth and innovation in providing end-to-end solutions for customers. Their exemplary track record in the used car market makes us proud to partner with them in revolutionising Malaysia’s automotive ecosystem. With their strong brand equity, financial standing, and extensive customer base, we look forward to seeing how this collaboration can further fortify CARSOME Capital’s operations and prospects. We hope to continue to expand opportunities with CARSOME in the coming years.”
The new funding follows a recent partnership of the company with NETA to foray into the sales of new cars, as well as closing a funding round which brought the group’s liquidity position to approximately US$200m.
