Carro has established Singapore’s first asset-backed securitisation backed by automotive loan receivables, setting up a S$450-million ($352 million) warehouse facility to diversify funding sources and support future growth.
The facility is backed by vehicle-secured hire-purchase receivables originated by Genie Financial Services, a wholly owned subsidiary of the Singapore-based online automotive marketplace. It uses a bankruptcy-remote special purpose vehicle that allows lenders to participate through capital markets notes or direct bank loans on a pari-passu basis, according to Carro’s announcement.
Mizuho acted as arranger, while HSBC and JPMorgan were loan providers and bond subscribers.
Carro said the structure establishes a new asset class for hire-purchase securitisation in Singapore, leveraging the country’s Certificate of Entitlement framework as part of the underlying collateral.
“By turning automotive loan receivables into an institutional-grade asset class, we are setting a new standard for automotive financing in Southeast Asia,” said Aaron Tan, Carro’s co-founder and chief executive officer.
Chief Financial Officer Ernest Chew said the facility would broaden the company’s access to funding partners and provide a scalable template for future expansion.
Carro said it transacted more than 120,000 new and used vehicles in the financial year ended 2026 and operates across eight markets in Asia Pacific, excluding China and India.
