MUV Partners With Fundaztic To Offer Rm1 Billion Financing Programme To Car Dealers
Empowering car dealers towards a more dynamic marketplace for used vehicles
KUALA LUMPUR, November 17, 2020 – muv (appropriately stands for Marketplace for Used Vehicles), Malaysia’s largest marketplace for used vehicles, has partnered with Fundaztic, one of the leading peer-to-peer financing (P2P) platforms, to provide RM1 billion financing to car dealers registered with muv.
Under this financing programme, some 5,000 authorised car dealers registered with muv will have the opportunity to receive up to a RM200,000 credit line to finance the purchase of used vehicles through muv.
Fundaztic, who is regulated under Securities Commission Malaysia (SC), will be providing collateral free financing to authorized car dealers by crowdfunding for up to 80% of the vehicle’s successfully bidded purchase price. The used car dealers will then pay the interest and principal back to investors through the platform at the end of the funding tenure.