Grab, the Singapore-based ride sharing turned “super app”, has landed a $300 million Series A funding round for its fintech arm.
Led by Hanwha Asset Management – one of South Korea’s Big Three – the round also saw participation from early Grab backers K3 Ventures and GGV Capital. Flourish Ventures, the venture capital firm funded by eBay’s founder Pierre Omidyar, and Arbor Ventures, also participated in the round.
It says it will use the funding to keep serving Singapore’s unbanked population. Southeast Asia as a whole houses an unbanked population of around 290 million, according to US credit agency Fitch Ratings.
The fintech arm, called Grab Financial Group, saw its total revenues jump up by more than 40% in 2020, compared to 2019.
Just last month, Grab and its partner – major Asian telco Singtel – became just one set of two … Read the rest