Carro, a Singapore-headquartered auto marketplace with operations across Southeast Asia, has teamed up with Hong Kong-listed fintech company SY Holdings to expand its auto financing services.
The collaboration will leverage SY Holdings’ speciality in AI, predictive analytics, and API-based integrations to optimize financing efficiency, accelerate funding cycles, and improve scalability while maintaining compliance, a news release stated.
Aaron Tan, co-founder and CEO of Carro, said, “This strategic partnership will give us access to bespoke, AI-driven financing solutions that will not only help align disbursements across our ecosystem in multiple markets but also optimize the financing supply chain process.”
Meanwhile, SY Holdings is set to benefit from Carro’s deep experience and expertise in new energy vehicles (NEV) across the Asia Pacific region. In June, China-based EV manufacturer Zeekr designated Carro as its authorized dealer in Malaysia.
Kenny Ng, head of international partnerships at SY Holdings, added, “This partnership will see us working closely to integrate systems that will handle dealership, procurement, and settlement cases within the NEV space, as well as explore supply chain AI capabilities that will include anomaly detections, smart pricing algorithms, real-time data synchronization, and automated reconciliation.”
Carro has raised over SGD700 million ($543 million) in funding to date and has 5,000 employees across the Asia Pacific region. Its ecosystem includes Carro Care (after-sales), Genie Financing Services, and Coverro (insurance). In the 12 months to March 2024, Carro recorded SGD1.1 billion in revenue. It is reportedly planning an IPO.
