Carsome, a leading Malaysian startup renowned for its online marketplace for used cars, has announced a strategic partnership aimed at bolstering its financial services. The company, based in Kuala Lumpur, will retain a majority stake of 51% in its financing division, Carsome Capital, while Japan's Jaccs will acquire a 49% stake for approximately $23 million. The collaboration, officially announced last week, seeks to harness Jaccs' expertise in credit risk assessment and enhance Carsome's consumer auto loan and financing offerings.
By joining forces with Jaccs, a unit of the Mitsubishi UFJ Financial Group, Carsome aims to expand its consumer auto loan and financing services, especially for car dealers. This expansion is anticipated to drive sales on its already thriving platform. In 2023 alone, the company successfully sold over 150,000 used cars through its online marketplace, underscoring its dominant position in the Southeast Asian market.
Carsome Capital serves as the financing arm of the Carsome Group. By integrating Jaccs' proficiency in credit risk management, Carsome intends to refine its financial products and services. This move is expected to not only enhance customer experience but also improve the financial accessibility for consumers seeking used cars.
The decision to partner with Jaccs aligns with Carsome's broader strategy to cement its status as a unicorn startup and further penetrate the used car market. As the company continues to grow, this alliance represents a significant step in expanding its financial services footprint while maintaining control over its core operations.
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