- Carro secures $55M HSBC loan for fintech expansion.
- Company reports $1B revenue, eyes new markets.
- Additional $100M sought for Hong Kong and Japan expansion.
Used-car marketplace Carro has secured a $55.5 million multi-currency loan from HSBC, becoming the first beneficiary of the bank’s $1 billion ASEAN Growth Fund.
This financial boost will turbocharge Carro’s fintech arm, Genie Financial Services, which provides financing for used-car buyers across Singapore, Malaysia, Indonesia, and Thailand.
Pedal to the metal
Carro’s growth trajectory is nothing short of impressive. The company reported nearly $1 billion in revenue for the financial year ending March 2024, boasting an eye-popping 11x EBITDA growth.
Genie Financial Services flexes its financial muscle a $370 million loan book and a remarkably low non-performing loan rate of under 0.5%.
New markets and M&A on the horizon
The HSBC loan adds to Carro’s already substantial $259 million liquidity pool. But the company isn’t hitting the brakes anytime soon.
Carro is reportedly seeking an additional $100 million to fuel its expansion into new markets, particularly Hong Kong and Japan.
CEO Aaron Tan has hinted at significant M&A activities in these regions, signaling Carro’s ambition to dominate the Southeast Asian used-car market.
To read the original article: https://www.techinasia.com/carro-bags-55m-loan-hsbc-1b-asean-growth-fund
