Malaysian used-car marketplace muv, Fundaztic in tie-up to offer collateral-free financing

Fundaztic said the financing scheme will be open to registered dealers within the muv marketplace, which they can use to offer credit lines of up to RM200,000 for the used car purchases. — Picture by Mukhriz Hazim
Fundaztic said the financing scheme will be open to registered dealers within the muv marketplace, which they can use to offer credit lines of up to RM200,000 for the used car purchases. — Picture by Mukhriz Hazim

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KUALA LUMPUR, Nov 19 — Malaysia’s largest used-car marketplace, muv, has partnered with peer-to-peer (P2P) investment platform Fundaztic to offer RM1 billion in financing to registered car dealers.

In a statement today, they said the financing scheme will be open to registered dealers within the muv marketplace, which they can use to offer credit lines of up to RM200,000 for the used car purchases.

Fundaztic, which is registered with the Securities Commission Malaysia (SC), will raise funds for the collateral-free financing of up to 80 per cent of the sale price using its P2P platform

The used car dealers will then pay the interest and principal back to investors through the platform at the end of the financing tenure. 

“At muv, we strive to continue innovating our existing processes to enhance value and efficiency for all our stakeholders. This partnership with Fundaztic came about with the intention to empower our dealers by providing them with the means to continue expanding their businesses,” Andy Teh, chief executive officer of muv, said in the statement announcing the collaboration.

Fundaztic acting CEO Calvin Foo said the partnership was in line with the platform’s aim to be a strategic funding source for small-medium enterprises, which he said used-car dealers represent.

“We want to serve as many MSMEs as possible as we truly believe they make up the backbone of Malaysia’s economy.

“This collaboration with muv will extend our reach in the automotive industry and introduce a new short term financing option to our investors. It will also help drive home the number one rule of investing; practice diversification,” he said.

Used-car dealers interested in finding out more about this opportunity may find additional details on the scheme’s website.

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