CarDekho SEA’s Finsso Secures TENCO Investment to Expand Philippine Auto Lending

CarDekho SEA, the Southeast Asian subsidiary of India’s CarDekho Group, has secured a strategic investment from TENCO Capital for its Philippine lending arm, Finsso Finance, to expand its automotive financing footprint in that country. The Singapore-headquartered business operates the digital automotive platforms Carmudi, ZigWheels and OTO in the Philippines and Indonesia.

TENCO, a Philippine corporate venture capital (CVC) firm that backs early-stage companies, is run by members of the Ongtenco family, which owns the dominant Motortrade motorcycle dealership network and the Bank of Makati. Finsso has separately signed a loan referral agreement with the bank, giving it new equity and a second lender from businesses tied to the same family.

The companies formalised the transactions during a ceremonial signing in Makati City on October 14 and announced them publicly on October 20, with Steward Capital Philippines acting as Finsso’s exclusive financial advisor. While the transaction remains subject to customary closing conditions and regulatory approvals, the participants did not disclose the financial terms, valuation or the exact equity stake TENCO would take.

Umesh Hora, co-founder and president of CarDekho SEA and chief executive of Finsso, said the fresh capital would fund expansion into more auto financing categories, stronger sales channels and further investment in technology and risk management.

From Loan Broking to Lending

Founded in 2024, Finsso has deployed approximately $50 Mn in cumulative secured automotive loans since its inception. This figure represents total gross credit volume since launch, not its current outstanding loan book value. The lender works with more than 300 of the estimated 1,200 automotive dealers registered on the Carmudi Philippines platform.

The lending arm marks an operational transition for CarDekho SEA, helping it move from an asset-light intermediary that brokers loans for external financiers to a direct balance-sheet credit provider. By sourcing retail buyers and commercial dealers straight from its native digital marketplaces, Finsso cuts separate customer acquisition costs. But the model requires the firm to carry the underlying credit and asset-collateral default risks on its own books.

The credit portfolio serves two distinct operational needs: short-term working capital loans to help auto dealers acquire and hold vehicle inventory until sale and retail loans for consumers. The retail book focusses on used-car purchases and vehicle refinancing via Sangla ORCR. In this standard secured borrowing mechanism in the Philippines, owners pledge a car’s official receipt and certificate of registration while retaining physical possession of the automobile.

One Family, Two Partners

The parallel loan referral agreement with Bank of Makati—a retail and small-business thrift bank established in 1956—adds banking capacity to the marketplace ecosystem. Under the arrangement, Finsso will refer eligible marketplace buyers and dealers to the bank for additional financing.

In return, the bank secures a pipeline of digital marketplace customers. Luis M. Chua, president of Bank of Makati, said the partnership would help the bank reach more used-car buyers and dealers. But the companies have not disclosed projected referral volumes, fee-sharing structures or targeted lending metrics.

The dual agreements also link CarDekho’s digital credit expansion to a local corporate dynasty with deep experience in vehicle financing. The Ongtenco family has controlling interests in Motortrade and Bank of Makati, which has historically provided core consumer financing for Motortrade’s motorcycle buyers. Stephanie Paula Ongtenco manages TENCO, based in the TPI-Motortrade Building in Mandaluyong, alongside her cousins Tiffany Ongtenco, Shyla Sy and Jedrik Manzana, Esquire Philippines reported in March 2025.

Two Pools of Capital

The fresh capital injected directly into Finsso remains structurally distinct from the funding milestones achieved by its regional parent entity. CarDekho’s Southeast Asian unit secured $60 Mn from Navis Capital Partners and Dragon Fund in December 2024, marking the automotive platform’s first external financing round. That round brought the subsidiary’s cumulative funding above the $100 Mn threshold, following prior capital commitments from its Indian parent.

The December 2024 funding had reportedly valued CarDekho SEA at more than $300 Mn. Although the bigger war chest was earmarked for pre-owned-vehicle financing and transaction services across Indonesia and the Philippines, those funds sit at the holding level.

As Finsso attempts to rapidly build out its direct lending operations alongside localised institutional finance partners, its long-term market validation will depend heavily on financial transparency. The company has yet to publish its active outstanding loan book volumes, non-performing loan (NPL) ratios and net profitability margins, the metrics institutional credit markets use to verify whether an internet platform can scale its lending volume without degrading credit quality.