Grab Financial Group said today it has raised more than $300 million in Series A funding, led by South Korean firm Hanhwa Asset Management, with participation from K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures.
The Financial Times reports that the funding values Grab Financial, a subsidiary of ride-hailing and delivery giant Grab, at $3 billion. Both K3 Ventures and GGV Capital were early investors in Grab, which was founded in 2012.
Back in February 2020, Grab announced it had raised $856 million in funding to grow its payment and financial services. That news came during speculation that Grab and Gojek, one of it top rivals, were finally getting closer to a merger after lengthy discussions.
But the Grab-Gojek talks stalled, and Gojek is now reportedly in talks to merge with Indonesia e-commerce platform Tokopedia instead. According to Bloomberg, the combined company would be worth $18 billion, making it a more formidable rival to Grab.
In its funding announcement, Grab Financial Group said its total revenues grew more than 40% in 2020, compared to 2019. This driven by strong consumer adoption of services like AutoInvest, an investment platform that allows users to invest small amounts of money at …read more