Carro establishes S$450 million financing facility backed by car loans
This is to diversify its funding sources and provide financial flexibility to support regional expansion
Carro, the Singapore-based online car marketplace, has launched a S$450 million financing facility secured by automotive loans. This marks the first asset-backed securitisation of its kind in the country. The move aims to diversify its funding sources and provide greater financial flexibility to fuel regional expansion. The facility, known as asset-backed securitisation, allows Carro to obtain financing using car loans owed to its wholly-owned subsidiary, Genie Financial Services.
The structure relies on Singapore's Certificate of Entitlement system, which assigns value to the vehicles securing the loans, reducing risks for lenders. Mizuho Bank arranged the transaction, with HSBC and JPMorgan Chase participating as loan providers and bond subscribers. Carro's co-founder and CEO, Aaron Tan, stated that the move sets a new standard for automotive financing in Southeast Asia.
Chief Financial Officer Ernest Chew added that the arrangement broadens the company's access to funding partners and offers a scalable model for future growth. Carro, founded in 2015, operates in eight markets across the Asia-Pacific region, having transacted over 120,000 new and used vehicles in FY2026.
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