Grab raises US$300m for fintech arm from investors including Hanwha

[SINGAPORE] South-east Asian ride-hailing and food delivery giant Grab said on Thursday it has raised more than US$300 million from investors led by South Korea's Hanwha Asset Management Co for its fast-growing financial services business.

It is the first external funding for Grab's fintech business, which has chalked out ambitious plans in insurance, lending, wealth management and payments.

"We are at an inflection point in South-east Asia, as the pandemic has accelerated the need for digital financial services that help us grow and protect our incomes," Reuben Lai, senior managing director at Grab Financial Group said in a statement.

Grab's early investors including GGV Capital and Singapore venture capital firm K3 Ventures also participated in the funding.

Reuters reported in September, citing sources, that Grab was in advanced talks with insurers including Prudential, AIA Group to raise US$300 million to US$500 million in investment for its financial services unit.

REUTERS