Asian ride-hailing giant Grab is set to raise $500mn according to Reuters reports.
In Brief:
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The firm is reportedly in talks with investors including Prudential and AIA Group.
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It is looking to raise between $300-500mn for its financial services unit.
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Last year, Grab applied for an online banking licence in Singapore.
What does this mean?
The banking licence application – alongside SingTel – and the company’s $850mn financial-themed raise earlier this year cemented its commitment to a comprehensive financial services offering. The fact it is seeking to raise even more at this uncertain time shows it recognises the potential for digital finance products – especially when transport is not as profitable.
