Ride hailing company Grab has secured $850mn to help achieve ambitions for a super app.
In Brief:
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Mistubishi UFJ Financial Group led the funding, contributing over $700mn.
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Grab’s most recent valuation came to $14bn.
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It will use the funding for digital payments and financial services.
What does this mean?
Both Grab and main rival GoJek are trying to create “super apps” which bring together a variety of services such as ride hailing, food delivery and financial services. Grab announced last year that it was starting to roll out financial products such as insurance and loans for consumers.
Ming Maa, president of Grab, said: “Ensuring greater access to affordable and accessible financial services and products is key to growing financial inclusion in Southeast Asia.”
