Singapore based ride-hailing startup Grab on Tuesday said that “It is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG), and $150 million from Japan-based IT service provider TIS Inc.”
In a statement issued on Tuesday, Grab said, “The company will use the new round fund to expand its presence in the lending business, insurance and wealth management products and services for Southeast Asian consumers and small and medium-sized medium.”
Speaking on the fundraise, Ming Maa, President at Grab, said, “MUFG’s investment in Grab is a trust shown in our super app strategy, and in our ability to build a long-term, sustainable business.”
“Together with MUFG, we look forward to playing an important role in driving financial inclusion in Southeast Asia and by offering greater and affordable access to financial products and services to millions across the region,” he said.
Hironori Kamezawa, Deputy President MUFG, said, “MUFG has been developing business in Southeast Asia by building a platform centered on our banks.”
“We are excited to be able to provide customers with next-generation financial services by enabling Grab’s technology and data management expertise with our financial experience,” he said.