Carro taps into HSBC Asean Growth Fund

PETALING JAYA: Asia-Pacific’s largest online used car marketplace Carro has become HSBC’s first client to tap into its US$1bil Asean Growth Fund.

The fund, which was launched in March 2024, aims to support leading high-growth champions in the region with working capital needed to grow its asset base.

Operating in seven countries, Carro chief executive officer Aaron Tan said its fintech business that leverages on proprietary data-driven lending has been growing prudently with a loan book exceeding S$500mil and non-performing loan below 0.5%.

“Securing this landmark financing from HSBC is a huge validation of our digital ecosystem-led business model. This enables us to serve the underserved consumer segment even better,” he said.