Carro parks $12m to pump into FinTech arm

Singapore-based auto marketplace Carro has picked up $12m in funding to pump into its FinTech division.

The round’s lead investor is undisclosed but the round reportedly drew investment from existing backers which include Venturra Capital, Alpha JWC and Singtel Innov8.

Carro operates an online car purchasing and selling platform but will use the new capital to further develop its auto financing app Genie.

The app aims to use algorithms to calculate what types of loans users are suitable for and allow them to compare the best rates between lenders.

Genie also offers 24-hour customer support through chatbot interfaces.

Carro claims the app was founded to meet the company’s need to offer auto financing more efficiently once its marketplace reached scale.

The company’s total funding now sits at more than $18m with it previously raising a $5.3m Series A round in June 2016.

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