Grab raises $ 300 million for its financial services business

Grab raises $ 300 million for its financial services business

Grab, the Southeast Asian food transportation and delivery app, has raised $ 300 million from investors for its financial services arm, valuing the three-year unit at $ 3 billion.

Hanwha Asset Management led the round, along with other investors including GGV and Flourish Ventures.

Grab Financial Group was separated from Grab in 2018 and offers payments, credit and insurance. He has been fundraising since the start of last year.

Like its competitors, Grab, which is backed by SoftBank and Mitsubishi UFJ Financial Group, has moved from its initial transportation and delivery business to creating a “super app” that offers a range of services, including banking services. .

A November 2020 report from Google, Temasek and Bain suggested that financial services revenues in the region could reach $ 60 billion by 2025.

Reuben Lai, who heads Grab’s financial services unit, told the Financial Times in an interview that he has had a “difficult year.”

“At the beginning of [2020] no one knew how the year would unfold …

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