Grab announced that its financial unit, which previously focused mainly on services for entrepreneurs and small businesses, is launching a slew of consumer products, including micro-investments, loans, health insurance and a pay-later program.
Based in Singapore, Grab began in 2012 as a ride-hailing company before expanding into on-demand deliveries and other services. In January 2019, it formed a joint venture with ZhongAn Insurance to build a digital insurance marketplace. Since then, its financial services portfolio has grown through a series of partnerships and the acquisition of Bento, which allowed it to offer investment and wealth management services as well.
In February, Grab announced that it had raised up to $856 million to speed up development of its payments and financial services.
Recently, Bloomberg reported that Grab raised $200 billion from South Korean private equity firm Stic, bringing its total funding so far to more than $10 billion at a valuation of about $14.3 billion.
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