{"id":15114,"date":"2024-06-20T13:22:42","date_gmt":"2024-06-20T05:22:42","guid":{"rendered":"https:\/\/carro.sg\/blog\/?p=15114"},"modified":"2025-11-05T17:37:21","modified_gmt":"2025-11-05T09:37:21","slug":"carro-first-to-tap-into-us1-billion-hsbc-asean-growth-fund","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/carro-first-to-tap-into-us1-billion-hsbc-asean-growth-fund\/","title":{"rendered":"Carro first to tap into US$1 billion HSBC ASEAN Growth Fund"},"content":{"rendered":"<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Carro signs a S$75 million multi-currency loan to fund its fintech arm, Genie Financial Services<\/span><\/i><\/li>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">HSBC announced the launch of a US$1 billion ASEAN Growth Fund earlier in March this year\u00a0<\/span><\/i><\/li>\r\n<\/ul>\r\n<figure id=\"attachment_15115\" aria-describedby=\"caption-attachment-15115\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-15115 size-large\" src=\"https:\/\/carro.sg\/blog\/wp-content\/uploads\/2024\/06\/a-1024x718.jpg\" alt=\"carro and hsbc \" width=\"1024\" height=\"718\" title=\"\" srcset=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/a-1024x718.jpg 1024w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/a-300x210.jpg 300w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/a-768x539.jpg 768w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/a-1536x1078.jpg 1536w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/a-2048x1437.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-15115\" class=\"wp-caption-text\">L-R: Kelvin Chng, co-founder, Carro; Amanda Murphy, Head of Commercial Banking, South and Southeast Asia, HSBC<\/figcaption><\/figure>\r\n\r\n<div>\r\n<div class=\"rich-text-paragraph\" data-eleid=\"9\"><\/div>\r\n<div data-eleid=\"11\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', 'Open Sans', Arial, sans-serif;\">Singapore,\u00a0 20 June 2024 \u2013 Homegrown unicorn start-up Carro, Asia-Pacific\u2019s largest and most profitable online used car marketplace, is the first of HSBC's clients to tap into the bank\u2019s recently launched US$1 billion ASEAN Growth Fund.<\/span><\/div>\r\n<div data-eleid=\"11\"><\/div>\r\n<\/div>\r\n<span style=\"font-weight: 400;\">HSBC has embarked on a mission to support leading high-growth champions in Southeast Asia\u2019s booming digital economy, providing crucially needed working capital to achieve economies of scale and grow their asset base.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Southeast Asia\u2019s digital economy is among the world\u2019s 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.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">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.\u00a0<\/span>\r\n\r\n<b>Amanda Murphy, Head of Commercial Banking, South and Southeast Asia, HSBC,<\/b><span style=\"font-weight: 400;\"> says, \u201cHSBC 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\u2019s booming digital economy has so much potential for growth as the region\u2019s digitally native working population consumes more goods and services online.\u201d<\/span>\r\n\r\n<b>Aaron Tan, co-founder and CEO of Carro<\/b><span style=\"font-weight: 400;\"> 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.\"<\/span>\r\n\r\n<b>Priya Kini, Head of Commercial Banking, HSBC Singapore,<\/b><span style=\"font-weight: 400;\"> shares: \u201cDuring this period of market volatility, it\u2019s 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\u2019s 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.\u201d<\/span>\r\n\r\n<b>Ernest Chew, Chief Financial Officer of Carro<\/b><span style=\"font-weight: 400;\"> 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\"<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-15116 size-large\" src=\"https:\/\/carro.sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" title=\"\" srcset=\"https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-1024x683.jpg 1024w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-300x200.jpg 300w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-768x512.jpg 768w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-1536x1024.jpg 1536w, https:\/\/carro.co\/sg\/blog\/wp-content\/uploads\/2024\/06\/b-2-1-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\r\n\r\n&nbsp;","protected":false},"excerpt":{"rendered":"<p>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\u00a0 Singapore,\u00a0 20 June 2024 \u2013 Homegrown unicorn start-up Carro, Asia-Pacific\u2019s largest and most profitable online used car marketplace, is the first of HSBC&#8217;s clients &hellip;<\/p>\n","protected":false},"author":77,"featured_media":15115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-15114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=15114"}],"version-history":[{"count":3,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15114\/revisions"}],"predecessor-version":[{"id":15119,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15114\/revisions\/15119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/15115"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=15114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=15114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=15114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}