Singapore: Grab Financial Group (GFG), the fintech arm of the Southeast Asian ride-hailing giant, announced today it has raised over US$300 million in its Series A funding.
The round was led by Korean asset management company Hanwha Asset Management, with other investors such as K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures, joining.
The fresh funds will go towards expanding its team and increasing “more affordable, convenient and transparent” financial solutions in the region, the company said in a statement.
This marks the inaugural external investment into GFG, which provides a suite of financial products in insurance, lending, wealth management, and payments.
In a region where over 70 percent of the adult population is still underbanked, and millions of SMEs still need crucial funding, GFG aims to help bridge these unmet needs and close the financial inclusion gap.
“We are at an inflection point in Southeast Asia, as the pandemic has accelerated the need for digital financial services that help us grow and protect our incomes,” said Reuben Lai, Senior Managing Director of Grab Financial Group.