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 financial services unit of Grab, the Southeast Asian ridehailing and food delivery company, has secured over $300 million in a Series A. The funding was led by South Korean asset manager Hanwha, with support from investors including K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures. In 2020, the unit logged revenue growth of more than 40% compared to 2019.
This past year was a whirlwind for fintech. The pandemic hit many businesses like a hurricane, with lenders suffering the most damage. But as government stimulus checks hit bank accounts and consumers began buying everything online, some of the most popular personal finance apps and payments companies thrived. Digital banking startup Chime tripled its valuation in six months, reaching $14.5 billion in September.
As you mull ordering some last-minute gifts or goodies, chew on this. Amid the frenzied journeys to restock fridges or drop off stocking stuffers, drivers and shoppers for on-demand delivery apps like Shipt, DoorDash and Instacart must navigate a maze of pandemic-induced obstacles, any one of which can shrink their pay.