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Jakarta Post

Grab raises $850 million to expand into financial services

  • Yoolim Lee and Taiga Uranaka

    Bloomberg

Singapore and Tokyo   /   Tue, February 25, 2020   /   02:21 pm
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)

Grab, 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.