SoftBank and Microsoft power Grab’s $4.5bn funding frenzy
Southeast Asian mobile platform Grab has secured itself a massive $4.5 billion in its current Series H funding round.
Southeast Asia is up for Grab-s
The firm has grabbed the attention of some big names as the Softbank Vision Fund has just injected $1.46 billion in fresh funding.
Not all the money is intended for fintech because other investors in this round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft, Ping An Capital, and Yamaha Motor.
Anthony Tan, Grab’s co-founder and CEO, comments: “The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s number one super app.”
Grab’s intentions are very clear. It plans to expand in sectors such as financial services, food delivery, parcel delivery, content and digital payments, and roll out new services announced in 2018.
Built on its GrabPlatform, these services include on-demand video, in partnership with HOOQ; digital healthcare, in partnership with Ping An Good Doctor; insurance, in partnership with ZhongAn International; and hotel bookings, in partnership with Booking Holdings.
In 2018, Grab Financial Group says it became the only platform to have access to e-money licences across six of the largest Southeast Asian economies.
It’s in a good place at present, as since its launch in March 2018, Grab Financial says it has seen its monthly transactions grow by almost five times to December 2018.
The “super app” also inked partnerships with Thailand’s Central Group and Kasikornbank; Indonesia’s OVO, Bank BTN and Bank Mandiri; Singapore’s United Overseas Bank; Philippines’ SM Investment Corporation; Vietnam’s Moca; and Malaysia’s Maybank.
