CONSUMER credit giant Experian is investing in Grab's latest financing round and partnering it to boost the Singapore startup's consumer financial services. The amount of investment was not disclosed.
This will be the Dublin-headquartered company's fourth investment in Asia. (see amendment note)
Grab has said it aims to raise US$6.5 billion for the Series H round, which is expected to close by the end of this year and which has garnered than US$4.5 billion in capital. Last week, Grab nabbed another US$300 million from existing investor Invesco, a US-based investment manager. Earlier this year, it secured US$1.46 billion from Masayoshi Son’s SoftBank Vision Fund.
Other investors in the Series H round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital and Yamaha Motor, according to a previous report in March.
Under their partnership, Experian and Grab will look towards using technology and data analytics to sharpen the way Grab customises its offerings for its users. This includes improving access to loans for aspiring entrepreneurs in the region.
Both companies also aim to improve access to mobility-enabled solutions and financial services for underbanked South-east Asia consumers.
Experian Asia-Pacific chief executive Ben Elliott said the partnership with Grab, along with its other investments in the region will help build its promise to match demand and supply of financial access to all consumers and businesses to drive greater financial inclusion.
"We have a vision for the future of financial services, one that is powered by technology and alternative data. We want to transform the way consumers and businesses seek out financial products and services," Mr Elliot added.
Amendment note: A previous version of the article incorrectly stated Experian’s headquarters to be in London when it is in fact Dublin. The article has been revised to reflect this.