PRNewswire
Singapore, October 22: Carro, Asia Pacific's leading AI-enabled online automotive marketplace, has established a SGD450 million Asset-Backed Securitisation (ABS) backed by Singapore automotive loan receivables. The ABS warehouse facility serves to optimise funding and represents a key milestone in diversifying Carro's long-term capital sources.
The ABS warehouse facility is structured as a bankruptcy-remote special purpose vehicle ("SPV") to purchase and securitise Singapore automotive loan receivables originated by Genie Financial Services, a wholly-owned subsidiary of Carro.
"Being a pioneer of the first-ever Singapore automotive loan receivables ABS is a testament to the strength of our AI-enabled platform, data infrastructure, and underwriting capabilities. By turning automotive loan receivables into an institutional-grade asset class, we are setting a new standard for automotive financing in Southeast Asia. This landmark facility provides us with the financial flexibility and capital depth required to accelerate our growth strategically across the region while delivering sustainable value to our stakeholders." says Aaron Tan, Co-Founder and Chief Executive Officer at Carro.
To maximise bank liquidity while preserving tax efficiency, a multi-funder structure was designed to allow lenders to participate via either capital markets notes or direct bank loans on a pari-passu basis within the same MAS-approved SPV.
The transaction also establishes a brand-new asset class for Hire Purchase securitisation in Singapore to facilitate capital diversification. Comprising vehicle-secured Hire Purchase receivables, the structure leverages Singapore's unique Certificate of Entitlement ("COE") system, which provides an intrinsic floor value and regulatory certainty, offering strong underlying collateral stability and risk mitigation.
Designed to deliver institutional-grade safeguards and enhance transparency in Singapore's ABS market, the transaction is underpinned by a robust, multi-layered framework of fraud risk mitigants and asset protection measures. Key features include independent preparations by third-party calculation agents and automated data integrity controls supported by a planned active API integration, enabling real-time, auditable performance reporting and transaction trigger monitoring.
"As Carro prepares for its next phase of growth, we are keen to unlock long-term, cost-effective, diversified funding sources, including bank loans, block discounting, and securitisations," says Ernest Chew, Chief Financial Officer at Carro. "This is an innovative structure which features a unique bankruptcy-remote hybrid loan and notes format that meets Singapore MAS-approved SPV regime, allowing global banks to participate via either notes or loans on a pari-passu basis, broadening our access to a wider pool of funding partners. Establishing Singapore's inaugural automotive loan receivables ABS broadens our capital funding universe, strengthens our balance sheet, and creates a highly scalable template for our future global expansion. We're thankful for the support by three of the largest global banks who have structured and held onto the loans and notes."
Carro is a leading online car marketplace in Asia Pacific (excluding China and India). The company transacted over 120,000 units of new and used vehicles in FY2026 and is active across 8 markets. It is a leading auto fintech, auto digital insurance broker and aftersales service provider in the region.
Mizuho (arranger), HSBC and J.P. Morgan acted as loan providers and bond subscribers.
About Carro
Founded in 2015, Carro is a leading online car marketplace in the Asia Pacific (excluding China and India). By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions. In 2025, Carro expanded its product line to include Brand New cars in Singapore and Malaysia, offering customers even more options.
Headquartered in Singapore, the unicorn startup has raised over S$700 million from Softbank Vision Fund as well as several sovereign funds and government-linked investors. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees across Asia Pacific:
- Carro, Asia Pacific's largest online used marketplace with a strong key presence in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan region, Hong Kong SAR and Australia
- Carro Care, Carro's in-house refurbishment and after-sales servicing capabilities
- Genie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia, Indonesia and Thailand
- Carro Auction, a leading automotive auction platform in Thailand
- MPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation services
- Innorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learning
- Kaidee, Thailand's largest online shopping and classifieds platform
- Driven Communications, leading Malaysian integrated digital content & marketing services agency including notable sites like paultan.org
For more information, please visit: www.carro.co.
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