Moladin cuts cars, cranks lending to chase profits by 2026

Moladin faced a fork on the road in 2023.

After acquiring car financing company Pro Car International Finance that year, Moladin had a choice to hone in on used-car financing. Up until then, the company’s main source of revenue was from selling used vehicles.

Moladin – which counts East Ventures and Peak XV among its backers – chose the financing route, and it hasn’t looked back since.

Audited financial statements of Zinfinity Pte. Ltd., Moladin’s Singapore-registered entity, show that its financing business made up the lion’s share of revenue in 2024.

In 2023, the company generated US$16.7 million from buying and selling used vehicles. But by 2024, that figure shrank by 93% to just US$1.1 million.

Conversely, revenue from its financing business jumped 256% year on year, rising from US$8.3 million in 2023 to US$29.5 million in 2024.

While that shift led to a 21% contraction in the company’s top line, it also narrowed losses before taxes by 41%.

A Moladin spokesperson explains that its revenue dipped significantly between 2022 and 2023 due to a change in business model, from a marketplace model to financing. The company’s revenue from its financing business saw year on year increases between 2022 and 2025 so far, the person adds.

Moladin was “EBITDA positive on a monthly basis” in late 2024, the spokesperson says, though they didn’t specify exactly when.

According to the firm, the company was also “significantly EBITDA positive” in 2025 and is targeting full-year net profitability in 2026, without disclosing further information.

The lending engine

Moladin was founded in 2017 by Jovin Hoon, Andrew Tan, and Andrew Khoo, initially as a platform for selling new and old motorbikes. In 2021, it pivoted into a used-car marketplace where users can browse and purchase vehicles.

See also: Moladin was ‘almost dead.’ Then it pivoted to used cars – and raised $137m

Its platform also offers reviews and price comparisons. The company is currently working with over 26,000 active agents and dealerships.

Moladin’s acquisition of Pro Car International Finance in March 2023 – an entity licensed to provide financing services in Indonesia – gave it the ability to operate as a multifinance institution under the supervision of the country’s Financial Services Authority. Pro Car International Finance later rebranded to Moladin Finance (MoFi).

Net profit by 2026