Grab Tech Center. (Photo Courtesy of Grab Indonesia)
Grab Financial Group Raises $300m in Hanhwa-Led Series A Funding
BY :JAYANTY NADA SHOFA
JANUARY 19, 2021
Jakarta. Ride-hailing giant Grab's fintech platform, Grab Financial Group or GFG, has raised over $300 million in a Series A funding round led by South Korea's Hanhwa Asset Management, the company said in an official statement last week.
Other investors in the round also include K3 Ventures, GGV Capital, Abor Ventures, and Flourish Ventures. The funding targets to accelerate access to financial services for millions of people in Southeast Asia.
"We are raising funds for GFG because regardless of the strong business growth, the reality is millions of people and small businesses still lack affordable and transparent access to financial services," GFG senior managing director Reuben Lain said.
The expertise of the top investors will help GFG to better understand the financial services and fintech. With this, the company can continue to empower the financial industry for the people and businesses in the region, Reuben added.
"We are happy to invest in a company who has fulfilled their social responsibility to enable financial services for the underbanked and unbanked population in Southeast Asia," Hanhwa Asset Management's chief executive officer Yong Hyun Kim said.
In the past year, GFG has passed several milestones. In 2020, GFG recorded a 40 percent increase in its total revenue in comparison to 2019. Their retail wealth management product AutoInvest nearly doubled its monthly users in December 2020.
GFG's insurance distribution quadrupled its monthly active users to over 4.5 million in three months. They have also distributed over 70 million insurance policies since first launched in April 2019.
In addition, the Monetary Authority of Singapore has trusted mobile operator Singtel and Grab to establish a digital bank.