MUFG Innovation Partners invested in Carsome
MUFG Innovation Partners invested in Carsome – The Malaysia’s used car platform, as the first stage of a strategic partnership between the parties
November 20, 2019 –MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly-owned subsidiary of MUFG, the leading global financial group of Japan, recently invested in Carsome Sdn, Bhd.- Malaysia’s premiere used car purchasing platform
Carsome operates a number of inspection centers that provide systemized inspections (used car quality inspection and price assessment) and offer one-stop solutions from used car inspection to payment settlement. Through Carsome’s platform, individuals and car dealers can sell their cars at a reasonable price. In addition to the used car internet auction business, Carsome is considering developing financial services targeting car-dealers and individuals to expand its service offerings.
Carsome offers an online car-selling platform that connects clients to used car dealers nationwide. Carsome’s service facilitates the car-selling process from inspection, valuation, bidding, payment and logistics, allowing customers to sell their cars within 24 hours – with no fees and no effort.
Through the investment, MUIP supports Carsome’s business growth and expansion and seeks the strategic alliance among the MUFG Partner banks including Bank Danamon in Indonesia and Krunsgri in Thailand through Carsome’s internet auction platform. In Indonesia, Carsome already partnered with Momobil.id, one of the brand under Adira Finance,the automotive financing subsidiary of Bank Danamon. In addition to the on-going projects, MUFG Group will explore and plan to build robust relationship with the Company.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The Group has over 180,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
Carsome is Southeast Asia’s leading used-car trading platform with presence in Malaysia, Indonesia, Thailand & Singapore. Carsome offers a one-stop solution for used car distribution from used car inspection to ownership transfer. Carsome currently transacts 40,000 cars totaling more than US$300 million in transacted value annually.
Name：Carsome Sdn. Bhd.
Date of Establishment：Feb, 2015
Business Description： manage used car trading platform