[CEO of Seoul fintechlab 2 Startup] 'Carfia', a company that built a total car finance platform for comparing financing for new and used cars.

Oh YoungSu, CEO of Carfia

Developed a data-driven finance comparison platform to address asymmetries in car finance
It offers two services: 'Compare Imported Car Promotion' and 'Compare Used Car Finance'

Carfia is a startup specializing in car finance. The company was founded in March 2021 by CEO Oh YoungSu (45). Carfia has built a comprehensive car finance platform that encompasses finance comparison for both new and used cars, car sales brokerage, and lease succession services.

"With our API integration technology with financial companies, we are simplifying the complex issues of car financing and helping consumers get the best deal on their car," said CEO Oh.

Carfia is a data-driven finance comparison platform that resolves the asymmetrical structure of car finance. Carfia offers two services on its website: 'Compare Imported Car Promotion' and 'Compare Used Car Finance.'

"Each dealership has a unique selection of vehicles in stock, along with varying discount conditions, and different financial companies offer different rates and approval terms. Through its brokerage service, Carfia solves these problems and eliminates the hassle of comparing dealer inventory and discount values. Specifically, we offer a rate comparison service by a finance company to help consumers find the most favorable terms."

The Compare Used Car Finance service compares data-driven rates from 27 financial companies when a customer is purchasing a used car. Carfia integrates with financial companies' APIs, allowing customers to check rates directly and choose the most favorable financing and leasing terms. Online car platforms such as Encar and Hey Dealer work with Carfia for their total used car financing business.

"We have the technology to integrate with the APIs of financial companies. Our system automatically calculates interest rates based on the customer's credit rating, compares the lowest rates in real time, analyzes quotation data from all financial companies, and offers the most favorable terms. It is based on data from 150,000 cumulative quotation comparisons and KRW 660 billion in cumulative financing. We are currently developing data-driven financial recommendation systems and AI-based counseling services, and remain committed to enhancing user convenience and scalability."

Carfia has established dedicated partnerships with major online car platforms, including Encar, Hey Dealer, Carby, and Ziccha, to promote sales. Carfia uses ads of Google and Naver, Search Engine Optimization (SEO), content marketing, community partnerships, and referral marketing that rewards users for purchases made through Carfia's services. Intending to enter the Vietnamese market in the second half of 2025, the company is in partnership discussions with local companies.

"Since our first year of operation, we have performed stably with no losses. Initially, we didn't consider attracting investment, but since we moved into the seoul fintech lab 2 , we have received a lot of support as our potential and technology have been recognized. Considering the scalability and speed of the market in the process, we are thinking about raising Series A investment at the end of the year to upgrade our AI counseling system and launch a local platform in Vietnam."

What made the CEO Oh decide to start a business? "The biggest problem in the car finance industry was a structural issue that prevented customers from obtaining favorable interest rates. Traditionally, car finance companies relied on car salespeople for sales, which has resulted in unfavorable terms for customers. I started my business with the goal of addressing this problem and offering improved financial products to my customers. Initially, I mainly targeted car clubs and people who love cars, and then I expanded my business by collaborating with online car platforms."

"The most rewarding part of starting a business is when customers say, ‘Thank you for the great deal,’” says CEO Oh. "Car finance is often complicated and obscure, but when we see that many of our customers save hundreds of thousands or even millions won with Carfia's terms, and come back to us because of our trustworthy service, it gives us confidence in our business."

Along with CEO Oh, Carfia is led by COO Kim Dongwan, who has experience in sales management at BMW Financial and Meritz Capital; CTO Min Wanki, who worked in development management at Coredax and Flexme; and development advisor Kim Kyungho, who served as CEO at Delable and was a strategic advisor at Softbank. Additionally, the team comprises approximately 30 other experienced individuals.

"We will build a data-driven financial recommendation system and create an AI agent-based financial counseling system," said CEO Oh. "Our goal is to become a major car finance company in Southeast Asia by launching a car finance platform in Vietnam."

Founded: March 2021
Key business areas: Car finance platform (Compare Imported Car Promotion and Compare Used Car Finance)
Achievements: By 2024, the cumulative financial handling amount is KRW 6,636 billion, and the cumulative number of financial executions is 29,067.

reporter jinho lee
jinho2323@hankyung.com