09 September 2020

Grab to raise €500mn for FinTech offering  

Written By FinTech Alliance

Grab to raise €500mn for FinTech offering  

Asian ride-hailing giant Grab is set to raise $500mn according to Reuters reports.  

In Brief:  

  • The firm is reportedly in talks with investors including Prudential and AIA Group.  

  • It is looking to raise between $300-500mn for its financial services unit.  

  • 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.  

Read more here.   

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