KUALA LUMPUR: Carsome Group has secured RM100 million financing from AmBank Group to expand its liquidity and bolster its capacity for future growth.
Carsome said the financing facility will significantly enhance its capacity to grow and innovate.
"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," said Carsome Group co-founder, chairman and chief executive officer Eric Cheng in a statement.
Cheng added that the company will leverage the partnership to further expand its service offerings, broadening its impact and continuing to innovate in the automotive ecosystem across Southeast Asia.
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 group business banking managing director Christopher Yap said Carsome has an exemplary track record in the used car market.
"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," added Yap.