Automobile e-commerce platform Carsome raised $21 M financing facility from Ambank

In order to increase its liquidity and strengthen its potential for future growth, AmBank Group has granted MYR 100 million ($21.39 million) in financing to Carsome Group, a Malaysian integrated automobile e-commerce platform.

The financing facility obtained from AmBank Group, according to a statement released by Carsome on Tuesday, is the group’s largest bank-backed facility. It will greatly boost the company’s ability to expand and innovate.

According to the statement, this significant investment will help the company grow steadily, broaden its clientele, improve the quality of its offerings, and further solidify its dedication to providing outstanding value in every aspect of its business operations.

Carsome stated that it will be able to expedite various phases of the used car trading process with AmBank’s assistance, providing a seamless and all-inclusive experience for its clients.

The statement further stated that AmBank’s backing of Carsome demonstrates the bank’s commitment to encouraging the expansion of progressive companies and propelling the advancement of the automotive sector in the area.

Carsome Group’s co-founder, chairman, and chief executive officer, Eric Cheng, expressed his excitement about the company’s partnership with AmBank, calling it a significant step forward in their mission to transform the automotive sector.

“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,” he said.

According to him, the company will use Carsome Capital to take advantage of this partnership in order to push the boundaries of innovation in the Southeast Asian automotive ecosystem while also increasing the scope of their service offerings.

The bank is happy to support Carsome’s outstanding growth and innovation in offering end-to-end solutions for clients, according to Christopher Yap, Managing Director, Business Banking of AmBank Group.

“Their exemplary track record in the used car market makes us proud to partner with them in revolutionizing 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,” he said.