Malaysia’s Carsome closed a $50 million funding round— set to expand its market reach in Southeast Asia

It aims to be the Visa of auto transaction with its used-car sales platform.

The Malaysia-based used-car marketplace, Carsome secured $50 million from its Series C funding round joined by MUFG Innovation Partners (MUIP), Daiwa PI Partners, Endeavor Catalyst, and Ondine Capital.

Its existing investors like Gobi Partners and Convergence Ventures also participated in the funding round — stacking its total capital raised to $85 million to date.

Carsome sets to face competition with the other used car marketplace in Southeast Asia such as Carro in Singapore, BeliMobilGue in Indonesia, and Carmudi — as it will use the fresh fund to expand into more markets in the region like the Philippines.

As the largest car trading platform in the region, Carsome operates in Malaysia, Indonesia, and Thailand — seeing a $300 million worth of cars traded on the platform.

“[Carsome envision to be] …the Visa/Master network of auto transactions, and build a collaborative ecosystem of partners to provide the best experience to consumers in Southeast Asia,” Eric Cheng, co-founder and chief executive of Carsome said in a statement.