MediaPress Release

Carro first to tap into US$1 billion HSBC ASEAN Growth Fund

  • Carro signs a S$75 million multi-currency loan to fund its fintech arm, Genie Financial Services
  • HSBC announced the launch of a US$1 billion ASEAN Growth Fund earlier in March this year 
carro and hsbc
L-R: Kelvin Chng, co-founder, Carro; Amanda Murphy, Head of Commercial Banking, South and Southeast Asia, HSBC
Singapore,  20 June 2024 – Homegrown unicorn start-up Carro, Asia-Pacific’s largest and most profitable online used car marketplace, is the first of HSBC’s clients to tap into the bank’s recently launched US$1 billion ASEAN Growth Fund.

HSBC has embarked on a mission to support leading high-growth champions in Southeast Asia’s booming digital economy, providing crucially needed working capital to achieve economies of scale and grow their asset base.

Southeast Asia’s digital economy is among the world’s fastest-growing at US$218 billion in total value of transactions, whilst used cars is the largest consumer segment in the region with at least US$60 billion by transaction value.

Carro is currently present in 7 markets, having just entered Hong Kong and Japan. Carro generates nearly US$1 billion in revenues, recently achieved over 11x year-over-year EBITDA growth to hit a record US$34 million, and is one of very few technology start-ups to be operating profit positive, based on its latest financial year-ending March 2024. 

Amanda Murphy, Head of Commercial Banking, South and Southeast Asia, HSBC, says, “HSBC has a proud history and strong heritage in ASEAN of supporting entrepreneurs and scaling up businesses. We are delighted to arrange a multi-currency loan facility for Carro, through our unique US$1 billion ASEAN Growth Fund, as they grow their operations. ASEAN’s booming digital economy has so much potential for growth as the region’s digitally native working population consumes more goods and services online.”

Aaron Tan, co-founder and CEO of Carro says, “HSBC has been a very supportive partner and one of very few banks who recognise the need to support regional start-ups like us to achieve sustainable profitable growth. Our fintech business, leveraging proprietary data-driven lending, has been growing prudently with a loan book exceeding S$500 million and NPL 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.”

Priya Kini, Head of Commercial Banking, HSBC Singapore, shares: “During this period of market volatility, it’s important that fast growth companies such as Carro are supported consistently to realise their full potential. We have a longstanding relationship with Carro that started when they were still at the early stage of their growth. It’s especially gratifying to know that we can continue to deepen our support through the HSBC ASEAN Growth Fund as they scale and further expand their business.”

Ernest Chew, Chief Financial Officer of Carro says, “I applaud HSBC’s ability to structure creative and bespoke financing solutions for start-ups like us, resulting in this unique one of a kind asset-backed financing in the region. This significantly strengthens our balance sheet and diversifies our funding channel particularly in Malaysia, so that we can focus on growing our business more effectively. This will add another S$75 million to our existing liquidity of nearly S$350 million as of our recent financial year-end”

Carro first to tap into US$1 billion HSBC ASEAN Growth Fund


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