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Grab raises $ 300 million for ambitious fintech expansion




SINGAPORE (Reuters) – Southeast Asian food transport and delivery giant Grab has raised more than $ 300 million from investors led by South Koreas Hanwha Asset Management Co. Ltd. for its services business booming financial institutions.

Grab said it was the first external financing for the fintech business, which has drawn ambitious plans in the areas of insurance, lending, wealth management and payments.

Grab competes with companies like Indonesian Gojek and many local start-ups that attract millions of customers as they seek to disrupt financial services firms established in a region of some 650 million people.

We are at an inflection point in Southeast Asia, as the pandemic has accelerated the need for digital financial services that help us grow and protect our revenues, said Reuben Lai, Senior Managing Director of Grab Financial Group in a press release.

The first donors such as GGV Capital and the Singaporean venture capital firm K3 Ventures have also participated in the financing of fintech armaments. Among the new investors were fintech investment firm Flourish Ventures, backed by Ebay founder Pierre Omidyar.

As more and more of our lives, work and activities move online, technology platforms have played an important role in formalizing the economy, said Tilman Ehrbeck, Managing Partner of Flourish at Reuters.

They have a real opportunity to bring financial services to users who are often not reached by the traditional banking system, especially in Southeast Asia, which has relatively higher mobile internet penetration, he said. -he declares.

Reuters reported in September, citing sources, that Grab was negotiating with insurers such as Prudential PLC, AIA Group Ltd and others to raise $ 300 million to $ 500 million for the financial services unit. [L4N2G513Z]

In December, internet platform company Sea Ltd and Grabs joined Singtel and each won the first full digital banking licenses in Singapore. [L1N2IK0T1]

Backed by investors, including Softbank Group Corp, Grab seeks to evolve into an everyday application offering a variety of services.

Reporting by Anshuman Daga; Edited by Shri Navaratnam, Jane Wardell and Michael Perry

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