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.
Grab Financial Group plans to use the new investments to hire more people and to expand its offerings in Southeast Asia with more affordable, convenient and transparent financial solutions, the release stated.
“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,” said Reuben Lai, senior managing director of Grab Financial Group, in the release. “We are delighted to draw upon the expertise of top investors who know financial services and FinTech well, so that we can continue to build and open up access to affordable and transparent financial services for millions of underserved people and small businesses, and make inroads into financial inclusion in the region.”
PYMNTS reported in December on the proposed mega-merger between Grab and Gojek, which would constitute the largest merger between companies from the region. At the time, it was reported that there had been substantial progress toward a possible merger, although the talks weren’t final and might close without anything happening.