Grab raises $300 million for fintech arm from investors including Hanwha

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SINGAPORE (Reuters)- – Southeast Asian ride-hailing and food delivery giant Grab said on Thursday it has raised more than $300 million from investors led by South Korea’s Hanwha Asset Management Co. Ltd 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 Southeast 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 PLC, AIA Group Ltd to raise $300 million to $500 million in investment for its financial services unit. [L4N2G513Z]

Reporting by Anshuman Daga; Editing by Shri Navaratnam and Jane Wardell