Southeast Asian fintech platform Grab Financial Group (GFG) has secured funding of more than $300m in its Series A investment round to expand its fintech business.
The funding round was led by South Korea’s Hanwha Asset Management and joined by new investor Flourish Ventures, which is backed by eBay founder Pierre Omidyar.
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The company’s existing investors such as GGV Capital and K3 Ventures, a Singapore-based venture capital firm, also participated in the latest funding round.
Grab Financial Group senior MD Reuben Lai said: “We are delighted to draw upon the expertise of top investors who know financial services and fintech well so that we can continue to build and open up access to affordable and transparent financial services for millions of underserved people and small businesses and make inroads into financial inclusion in the region.”
Hanwha Asset Management CEO Yong Kim said: “We expect GFG to continue its exponential growth on the back of an innovative business model which supports the changing broader lifestyle of consumers, as well as its highly synergistic relationship with Grab, the largest Southeast Asian unicorn.”
Recently, the Grab-Singtel consortium was awarded a full digital bank licence by the Monetary Authority of Singapore (MAS).
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By GlobalDataGrab provides its users with payments and financial services across the lending, insurance and retail wealth management space.
The company will use the fresh capital to extend these services to more individual customers and small and medium enterprises (SMEs).
It will invest the funds in talent and expand its offerings in the region with additional financial solutions.
