Ride hailing giant Grab’s FinTech arm has raised $300mn according to The Information.
The round was led by Hanwha Asset Management.
Hanwha is a South Korean conglomerate which invests in a range of businesses including retail and financial services.
Grab currently still has the majority stake in its financial services arm.
What does this mean?
Grab has been growing its financial services offering since 2018, having expanded from offering drivers and passengers a way to send and receive money, to now adding payment, investment, insurance and lending options on a more bank-like solution.