Philippine auto financing company Finsso Finance Corporation, the lending arm of CarDekho SEA, has secured a strategic investment from TENCO Capital Holdings Corporation, according to an announcement on Tuesday.
Separately, Finsso has signed a loan referral agreement with Bank of Makati (BMI) to refer eligible used-car buyers and dealers from CarDekho SEA’s marketplaces to the bank for financing.
The companies did not disclose the investment amount, valuation, or other terms. The investment remains subject to customary closing conditions and regulatory approvals.
Founded in 2024, Finsso is the direct lending arm of CarDekho SEA, which operates the Carmudi, ZigWheels and OTO auto marketplaces in the Philippines and Indonesia. Finsso has originated around $50 million in auto loans since its launch, all secured by vehicle collateral, and works with more than 300 dealers. These dealers are drawn from a network of around 1,200 dealers registered on Carmudi Philippines, according to the statement.
Finsso offers used-car purchase financing, vehicle refinancing through the Philippines’ Sangla ORCR scheme, and short-term dealer stock financing. It plans to expand into adjacent auto financing categories while growing its sales channels and investing in technology and risk management.
The investment will support Finsso’s plans to diversify its auto financing portfolio across multiple categories of vehicle ownership. Separately, the agreement with BMI will give buyers and dealers on CarDekho SEA’s marketplaces access to an additional source of financing, while providing the bank with a pipeline of potential borrowers.
Umesh Hora, co-founder and president of CarDekho SEA and chief executive of Finsso, said the investment would support loan originations across more financing categories and strengthen the company’s sales channels.
“With this capital, we will grow our originations across more categories of auto financing, strengthen our sales channels and keep investing in technology and risk management,” Hora said.
He added that the loan referral agreement with BMI would give buyers and dealers on the platforms access to another source of financing.
Luis M. Chua, president of Bank of Makati, said the partnership would help the bank reach more used-car buyers and dealers through Finsso’s marketplace.
“By working with partners like Finsso, we can reach more used-car buyers and dealers through its marketplace,” Chua said.
TENCO is a Philippine corporate venture capital firm specialising in early-stage investments. BMI, established in 1956, is a thrift bank that serves retail customers and micro, small and medium-sized enterprises.
CarDekho SEA is a Singapore-headquartered automotive marketplace and financing platform operating in Southeast Asia. It is part of India’s CarDekho Group, a leading auto-tech company, with several entities, including CarDekho; Gaadi, an automobile classified portal; ZigWheels, an automotive and motorcycle website; Powerdrift, a YouTube channel for automotive content; BikeDekho for buying and selling bikes; and OTO.com.
