Grab gets $300M for financial services expansion [American Banker]

Grab gets $300M for financial services expansion [American Banker]

Originally posted on American Banker

Image credit: Bloomberg

Grab’s valuation passed $3 billion, according to the Financial Times. Grab’s fintech division is targeting Southeast Asia’s underbanked population with a suite of financial products, spurred by a coveted Singapore banking license.

The license allows Grab to pursue a model similar to Apple Card, combining mass enrollment, account opening, card issuance and banking. Grab has more than 187 million users and Singtel, the Singapore-based telco that’s Grab’s partner in the financial services project, has more than 700 million users.