Malaysian unicorn Carsome expands loan business in Japan tie-up

KUALA LUMPUR -- Carsome Group, a Malaysian startup that operates an online marketplace for used cars, will expand its consumer auto loan and financing services for dealers, hoping to boost sales on its platform.

Last week, the company announced Japan's Jaccs (Japan Consumer Credit Service), a unit of Mitsubishi UFJ Financial Group, will buy a 49% stake in its financing arm, Carsome Capital, for about $23 million. Carsome will retain the remaining 51%, ensuring operational continuity while integrating the Japanese company's expertise in areas like credit risk assessment.