Hanwha Asset Management has led a funding round sized at more than $300m for Grab Financial Group, the finance subsidiary of Singapore-based ride hailing service Grab, The Information reported yesterday.
The report did not reveal the participants in the round apart from Hanwha Asset Management, which forms part of diversified conglomerate Hanwha.
Grab Financial Group oversees its parent company’s financial technology and services products, which include its GrabPay mobile wallet and point-of-sale system, lending service GrabFinance, insurance scheme GrabInsure, investment service GrabInvest and rewards programme GrabRewards.
The deal comes four months after news that for Grab Financial Group was seeking $300m to $500m in funding at a valuation of about $2bn. A source told DealStreetAsia it may seek additional financing through a special purpose acquisition vehicle.
The September report mentioned insurance providers AIA and Prudential as potential participants in the round while Ant Group, the financial services affiliate of e-commerce group Alibaba, was reported in early 2019 to be in talks to invest in the unit. None have revealed any additional information.
