Grab Financial Group stated today it has raised more than$300 million in Series A funding, led by South Korean company Hanhwa Possession Management, with participation from K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures. The Financial Times reports that the financing worths Grab Financial, a subsidiary of ride-hailing and shipment huge Grab, at$ 3 billion. Both K3 Ventures and GGV Capital were early financiers in Grab, which was established in 2012. Back in February 2020, Grab revealed it had actually raised$856 million in funding to grow its payment and monetary services. That news came throughout speculation that Grab and Gojek, among it top competitors, were finally getting closer to a merger after lengthy discussions. The Grab-Gojek talks stalled, and Gojek is now reportedly in talks to merge with Indonesia e-commerce platform Tokopedia instead. According to Bloomberg, the combined business would be worth $18 billion, making it a more powerful competitor to Grab. In its funding statement, Grab Financial Group stated its overall incomes grew more than 40%in 2020,
compared to 2019. This driven by strong customer adoption of services like AutoInvest, a financial investment platform that allows users to invest little amounts of cash at a time through the Grab app and insurance coverage products. Grab Financial revealed the launch of several monetary products for consumers and SMEs in August 2020. Usagea of digital monetary services by customers and SMEs in Southeast Asia increased during the COVID-19 pandemic. According to a report published by Google, Temasek and Bain & Business in November, use of banking apps and online payments, remittances, insurance products and robo-advisor financial investment platforms all grew in 2020, and the area’s monetary services market might be reach$60 billion in revenue by 2025. A consortium in between Grab-Singtel was likewise amongst a number of companies granted a complete digital-banking license by the Monetary Authority of Singapore in December 2020. In
a press statement, Hanhwa Asset Management chief executive officer Yong Hyun Kim stated,”We expect GFG to continue its expontential development on the back of an innovative business model which supports the changing more comprehensive way of life of customers, as well as its extremely synergistic relationship with Grab, the biggest Southeast Asian unicorn.” Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.