Indonesia’s Broom builds out automated asset-backed lending for used car dealers

The Indonesian used car market is on a course for growth fueled by a number of trends: the increasing digitization in used car sales; a larger variety of finance options; and the COVID-19 pandemic, which pushed the idea of private car ownership. 
Broom, an Indonesia-based auto-financing startup that wants to help used car dealers work more efficiently by applying the asset-backed lending model to their businesses — offering in-app trading among dealers and providing new financing to do so — said Tuesday it has closed a $10 million pre-Series A financing round led by Openspace Ventu

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