Grab raises additional $300 million to expand financial services and food delivery
Grab, the Southeast Asian ride hailing, mobile payments and food delivery app, said it raised another $300 million in funding from Invesco Ltd., putting the company on track to reach its goal of $6.5 billion in fundraising since July 2018.
The new funding raises Invesco's total funding of Grab to $703 million, following the investment firm's acquisition of Oppenheimerfunds, which originally provided $403 million in funding to Grab in July 2018, according to a company release.
"We are very excited to increase our stake in Grab and support their endeavor of bringing more everyday services, greater accessibility and convenience to users in Southeast Asia," Justin Leverenz, team leader and senior portfolio manager of Invesco Emerging Markets said in the release. "We have been closely watching Southeast Asia and we have every confidence in Grab's ability to unlock new opportunities across on demand mobility, delivery and financial services in the region."
A spokesperson for Grab told Mobile Payments Today that the funding will be used to accelerate the growth of GrabFood and Grab Financial Group, which the company launched in 2018.
In March, Singapore-based Grab announced plans to offer loans for SMEs and micro insurance for drivers in that market. That same month, Grab also launched a Pay Later service for consumers under an existing joint venture that it launched in 2018 with Japan's Credit Saison Co.
Citibank and Grab earlier this month launched a co-branded credit card that would initially launch in the Phillippines and expand into Thailand.