Singapore-based auto classifieds Carro has a double whammy of news today — it has moved into the vehicle financing space and raised $12 million more from..
Singapore-based auto classifieds Carro has a double whammy of news today — it has moved into the vehicle financing space and raised $12 million more from investors.
Carro was founded in late 2015 and it went on to close $5.3 million in seed financing last summer. CEO Aaron Tan, a former investor with Singtel himself, said the lead investor’s identity is not being disclosed for this new round, but other participants include existing investors Venturra Capital, Singtel Innov8, Golden Gate Ventures, Alpha JWC Ventures, Skystar Capital and GMO.
The startup began life as a mobile-focused classifieds site in Singapore. Since we wrote about it last June, Carro has expanded into Thailand and Indonesia while it has also branched out to offer financing options for customers — both consumers and dealerships. That move, which is supported by underwriting relationships with banks, happened four months ago and was planned when we spoke to Tan last year.
Genie Finance, Carro’s underwriting business, is helmed by insurance industry veteran Helen Neo who claims 30 years in the industry. Tan said that beyond assessing a customer’s information, such as salary, Carro believes it can make a difference by understanding the car market better than traditional insurers.
