Investors aim to co-develop next-generation financial products and services based on Grab’s combined customer insights
Grab has announced an investment of over $850 million from Japanese investors, including Mitsubishi UFJ Financial Group and TIS. The funding aimed to create accessible and affordable financial services for Southeast Asia thus boosting financial inclusion in the region.
According to the information, MUFG will invest $706 million into Grab whereas TIS will provide $150 million.
Besides, the fundraising will focus on the financial needs of Grab’s users, driver-partners and merchant-partners.
As part of the agreement between Grab and TIS, the companies will partner on improving the digital payment infrastructure in the region and in Japan. It would enable greater adoption of cashless payment options, such as GrabPay. In addition to that, Grab and TIS will collaborate on developing emerging payment technologies as well.