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Startups

Grab's fintech arm raises $300m as revenue grows 40%

Singaporean superapp unit valued at $3bn in Hanwha-led deal

Grab's financial offerings include the e-payment service GrabPay, microinvestment and travel insurance. (Photo by Kentaro Iwamoto)

SINGAPORE -- Singapore-based unicorn Grab said Thursday that its financial business unit, Grab Financial Group, has raised about $300 million from a group of investors led by South Korea's Hanwha Asset Management, the latest development for the Southeast Asian tech group aggressively expanding the fintech business.

Grab also said the financial unit's total revenue had increased 40% in 2020 from 2019 as the COVID-19 pandemic accelerated digitalization in Southeast Asia.

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