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Grab raises $850 million to expand into financial services

Yoolim Lee and Taiga Uranaka (Bloomberg)

Singapore and Tokyo

Tue, February 25, 2020 Published on Feb. 25, 2020 Published on 2020-02-25T14:21:58+07:00

Grab raises $850 million to expand into financial services

Ride-hailing app Grab raised more than US$850 million from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc. to bankroll its expansion into financial services in the region. (JP/Muthi Kautsar)

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rab, Southeast Asia’s most valuable startup, raised more than US$850 million from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc. to bankroll its expansion into financial services in the region.

The sum include $706 million from MUFG, Japan’s largest bank, and $150 million from TIS, a provider of data center and cloud services, according to joint statements from the companies.

Grab, backed by SoftBank Group Corp., has been expanding into financial services, building on its ride-hailing, food delivery and e-wallet offerings in an effort to become a one-stop shop for on-demand services in the region.

The company will co-develop financial products and solutions for the region with the two investors, Grab President Ming Maa said in a statement. The investments demonstrate “their confidence in Grab’s super-app strategy and our ability to build a sustainable long-term business,” he said.