Carro sets up S$450 million facility using vehicle loans as backing
Mizuho arranged the Singapore transaction, with HSBC and JPMorgan Chase also providing funding.
Online vehicle marketplace Carro has put in place a S$450 million financing facility in Singapore, secured against automotive loans. The company said on 22 October that the arrangement would widen its long-term funding options and give it more flexibility to expand regionally.
The facility uses asset-backed securitisation, with loans payable to Genie Financial Services, Carro’s wholly owned subsidiary, serving as collateral. Carro described the transaction as Singapore’s first securitisation of this type.
Mizuho arranged the deal. Alongside HSBC and JPMorgan Chase, it supplied loans and subscribed for bonds under the facility.
According to Carro, the structure draws on Singapore’s Certificate of Entitlement system to underpin the value of vehicles pledged against the loans, helping reduce lenders’ risks. Chief financial officer Ernest Chew said the arrangement would open access to a wider range of funding partners and offer a model that could scale as the company expands.
Established in 2015, Carro has operations across eight Asia-Pacific markets. Its FY2026 transactions covered more than 120,000 vehicles, including both new and used vehicles.
