March 9, 2023. MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), has recently invested in Broom International Pte. Ltd. (Broom.id).
Broom.id is a digital enabler of small-sized used car dealers in Indonesia, many of which lack access to capital and still operate in unorganized manners. The company’s flagship service, Buyback, provides dealers with short-term working capital through a temporary car sale service with a repurchasing option. This scheme allows dealers to optimize their inventory and accelerate turnover. Broom.id also offers a digital platform for showroom management and dealer-to-dealer trading.
Going forward, the company plans to develop an intelligence model for assessing car quality and appraising the fair value of vehicles. This is an innovative approach that will provide customers with greater transparency, and help Broom differentiate itself in the market. MUIP looks forward to establishing a collaborative partnership with Broom.id, including through Bank Danamon and Adira Finance in the Indonesian market.
About MUFG and MUIP :
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,400 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.
MUFG Innovation Partners, Inc. (MUIP) is a corporate venture capital firm established by MUFG to invest in fintech-related startups worldwide with an assets under management of 53 billion yen.
For more information, visit https://www.ip.mufg.jp/.
About Broom.id :
Broom.id is a technology company catering to the automotive showroom ecosystem based in Indonesia. Founded in 2021 by Pandu Adi Laras and Andreas Sutanto, Broom provides technology solutions and other services to address the issues of stock turnover and unorganised business among second-hand car showrooms in Indonesia. Combining the founders’ experience in the technology and automotive industries in the country, Broom tries to answer the primary challenges for the pre-owned car showroom business in Indonesia, the majority of which remains attached to the more conventional way of doing business.
For more information, visit https://www.broom.id
