Grab has raised nearly $ 10 billion since it was founded in 2012.
learned, Southeast Asia Super Unicorn Grab Today announced the acquisition of more than 850 million US dollars of financing , investors include Japan’s Mitsubishi TEC Ginsu Financial Group (MU) TIS, a provider of network solutions and system integration services. Of which, MUFG invested USD 706 million in Grab and USD 150 million in TIS. This round of financing will be used to provide innovative loans, insurance and wealth management products and solutions to Southeast Asian consumers and small and medium enterprises (SMEs).
According to Crunchbase statistics, Grab raised USD 9.1 billion from June 2012 to November 2019, and this time with USD 850 million, the total financing amount is nearly USD 10 billion. yuan. Huge financing is closely related to its expanding business type and scale. In 2019, Grab clearly positioned itself as a “car-hailing, food delivery and digital payment provider”. This definition emphasizes that Grab has gone beyond the category of “car-hailing software” and gradually became a comprehensive service provider for local living in Southeast Asia.
In 2018, Grab launched the Grab Financial Group, which provides financial services to users, drivers and business partners in the six major ASEAN economies, including payment and remittances (GrabPay), rewards (GrabRewards), loans (GrabFinance), insurance (GrabInsure) and retail wealth management (GrabInvest).
According to the information provided by Grab, in 2019, Grab Financial Group launched the GrabPay e-wallet in the six ASEAN markets, becoming the first fintech platform to obtain an electronic money license in the six major ASEAN economies; meanwhile, Grab also launched the GrabPay digital card (the first countless card in Asia) with MasterCard, and established a cooperation with Singapore Telecom (Singtel) to apply for a digital banking license issued by the Monetary Authority of Singapore. In addition, Grab acquired a wealth technology startup The company Bento, and founded GrabInvest, introduced retail wealth management and investment solutions to the entire Grab ecosystem (including drivers, merchant partners, users); Grab also launched insurance products for C-end consumers (such as travel insurance), for Grab Internet ride-hailing drivers and merchant partners add insurance products and services.
The financing of more than 850 million will undoubtedly further accelerate Grab’s exploration of financial business.
Grab said that they will work with MUFG and TIS to provide innovative financial services, such as payments and microfinance, to meet the needs of a customer base in Southeast Asia that does not often use mainstream financial services. Grab and TIS will jointly develop digital payment infrastructure and emerging payment technologies in Southeast Asia and Japan, so that cashless payment methods such as GrabPay can be put to practical use.