Grab raises US$850mil to expand Into financial services

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SINGAPORE: Grab, South-East Asia’s most valuable startup, raised more than US$850mil from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc. to bankroll its expansion into financial services in the region. The sum includes US$706mil from MUFG, Japan’s largest bank, and US$150mil /from TIS, a provider of data centre and cloud services, according to joint statements from the companies.

Grab, South-East Asia’s most valuable startup, raised more than US$850mil from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc. to bankroll its expansion into financial services in the region. - Reuters

Backed by SoftBank Group Corp, Grab has been expanding into financial services, building on its ride-hailing, food delivery and e-wallet offerings in an effort to become a one-stop shop for on-demand services in South-East Asia. For Tokyo-based MUFG, the alliance will deepen its expansion in Southeast Asia, where it has been buying large stakes in banks to make up for weak growth opportunities at home. The lender’s biggest investment in a tech startup also reflects its digital push under Hironori Kamezawa, who is set to become chief executive officer in April.

 

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