CARSOME Secures RM100 Million Financing Facility From AmBank, The Largest Bank-Backed Facility For The Group

(L-R) Patrick Chin, Head of Commercial Banking, Business Banking, AmBank Group, Christopher Yap, Managing Director of Business Banking, AmBank Group, Eric Cheng, Co-Founder, Chairman and Group CEO of CARSOME and Nicholas Wong, Managing Director of CARSOME Capital Malaysia at the Signing Ceremony for RM100,000,000 Financing Facilities between AmBank (M) Berhad and CARSOME

Kuala Lumpur, 16 July 2024 - CARSOME Group (“CARSOME”) has secured RM100 million in financing facility from AmBank Group to expand its liquidity and bolster its capacity for future growth. Established in 2015, CARSOME has made rapid strides in the business landscape and is now Southeast Asia’s largest integrated car e-commerce platform.

CARSOME’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.

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,” said Christopher Yap, Managing Director, Business Banking, AmBank Group

Eric Cheng, CARSOME Group’s Co-Founder, Chairman, and Chief Executive Officer 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.

####

Find more coverage of this exciting news here.