Grab Financial Group raises $300 million in Series A funding round

The valuation of Grab has grown around $300 million. Both GGV Capital, Abror Ventures, and Flourish Ventures have invested in the company.

Grab Financial Group
https://pixabay.com/de/users/image4you-2459255/

Grab Financial Group has stated that it has banked around $300 million in Series A funding round, which is led by South Korean firm Hanwha Asset management, with participation from groups, like K3 Ventures, GGV Capital, Flourish Ventures, and Abror Ventures.

According to Financial Times, this funding has valued Grab Financial, which is a delivery and subsidiary giant Grab, at $3 billion. Both GGV Capital and V3 Ventures have invested in Grab.

In February 2020, Grab stated that it had raised around $856 million in overall funding. This news came during the speculation that Gojek and Grab merged after big discussions.

After the stalling of Grab-Gojek talks, Gojek is now in talks to merge with the e-commerce platform Tokopedia.

Bloomberg stated that the company is going to be around $18 billion, making it a good rival to Grab. According to the funding announcement, Grab Financial Group stated that its overall grew over 40% in 2020 in comparison to 2019. Grab Financial made the announcement that it launched many products for SMEs in August 2020. The usage of financial services by SMEs and consumers in Southeast Asia increased during the COVID-19 pandemic. Queen Elizabeth II also addressed the nation amid the COVID-19 pandemic in England.

Bloomberg

According to a Google report, published by Temasek and Bain and Company in November, usage of online and banking payments, rob-advisor, and insurance products all increased in 2020. The region’s financial services market is going to increase up to $60 billion in revenue by the end of 2025.

In an announcement, Grab Financial Group stated that its overall revenue increased by 40%. According to Grab Financial, the launch of financial products for consumers and SMEs in August 2020.

In a statement, the chief executive officer Yong Hyun Kim said, “We expect the GFG to increase growth. It supports a better lifestyle for consumers, the largest Southeast Asian unicorn.”

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