Southeast Asia

Grab Financial Group Raises $300 Million For Expanded Finance Solutions (PYMNTS)

Southeast Asian FinTech Grab Financial Group announced in a press release that it has raised $300 million in a Series A funding round.

The round was led by Hanwha Asset Management, South Korea’s leading asset management company. Other investors in the round include K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures, the release stated.

Grab Financial Group had a productive 2020 in which it managed to increase total revenue by 40 percent. Consumers seemed to respond positively to products like its retail wealth management tool AutoInvest, along with more growth for its insurance distribution, the release stated.

In addition, the Grab-Singtel consortium was selected by the Monetary Authority of Singapore to set up a full digital bank, according to the release.

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13 January 2021


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