Just days after Mitsubishi UFJ Financial Group Inc. (MUFJ) was reportedly set to invest more than $700 million in Grab, the Southeast Asian ride-hailing giant announced it secured more than $800 million from Japanese investors, which includes MUFJ and also TIS Inc.
As previously reported, Grab describes itself as Southeast Asia’s leading super app that provides transportation, logistics, and financial services. The company is on a mission to solve key problems in the region and improve the lives of millions through technology.
“Life as a Grabber means succeeding in a culture of passion and innovation. We are hungry to make a difference, and recognize that good decisions often come from the heart. We are humbled by our communities and are proud to serve them with honor. We come from all over the world, united by a common goal to make life better every day for our users.”
The investment’s funds will go toward creating accessible and affordable financial services for Southeast Asia in order to boost financial inclusion in the region. Speaking about the investment, Ming Maa, President of Grab, stated:
“We are excited to work with our partners MUFG and TIS to co-develop financial products and solutions for the region. Ensuring greater access to affordable and accessible financial services and products is key to growing financial inclusion in Southeast Asia. The continued support from world-leading investors demonstrates their confidence in Grab’s super app strategy and our ability to build a sustainable long-term business.”
Grab further shared that as part of the agreement between Grab and TIS, both of the companies will collaborate on enhancing the digital payment infrastructure in the region and in Japan to enable greater adoption of cashless payment options, such as GrabPay. The companies will also collaborate on developing emerging payment technologies.
Grab also recently revealed it is set to acquire Bento Invest Pte Ltd, a Singapore-based robot-advisory startup. The company noted with the acquisition, Bento will be rebranded to GrabInvest, which will be a new core business vertical under Grab’s financial services arm, Grab Financial Group, led by Chandrima Das, founder, and CEO of Bento.