Malaysia-based integrated car e-commerce platform Carsome Group has secured MYR 100 million ($21.39 million) in financing facility from AmBank Group to expand its liquidity and bolster its capacity for future growth.

Carsome said in a statement on Tuesday that the financing facility secured from AmBank Group is the largest bank-backed facility for the group, and will empower the firm, significantly enhancing its capacity to grow and innovate.

This substantial funding will enable the firm to extend its reach, enhance its services, and drive sustained growth, reinforcing its commitment to delivering exceptional value across all facets of its operations, it 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.

It also said 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, Chairman, and Chief Executive Officer, said they 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,” he said.

He said that through Carsome Capital, the firm will leverage this partnership to further expand their service offerings, broadening their impact and continuing to innovate in the automotive ecosystem across Southeast Asia.

Meanwhile, Christopher Yap, Managing Director, Business Banking of AmBank Group, said the bank 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 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.

He also noted the bank hopes to continue to expand opportunities with Carsome in the coming years.

Established in 2015, CARSOME has made rapid strides in the business landscape and is now Southeast Asia’s largest integrated car e-commerce platform.

Its end-to-end ecosystem has significantly expanded through its comprehensive suite of services, including car inspections, sales, financing, and after-sales support.

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