Grab Financial Group (GFG), Southeast Asia (SEA)’s leading fintech platform, announced today it has raised over US$300 million in its Series A funding round, led by Hanwha Asset Management Co. Ltd. (‘Hanwha Asset Management’), South Korea’s leading asset management company. Other investors in the round include K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures.
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The Series A financing marks the next step in GFG’s growth as its total revenues increased by over 40% in 2020 vs 2019, amidst key milestone developments. These include the strong consumer adoption of its new services, with AutoInvest, its first retail wealth management product, nearly doubling in monthly users in December 2020. Its insurance distribution also continued its exceptional growth, quadrupling its monthly active users to over 4.5 million in three months, and distributing over 70 million insurance policies to date since launching last April. Adding to this momentum, the Grab-Singtel consortium was recently selected by the Monetary Authority of Singapore to set up a full digital bank, a strong validation of its ability to serve under-banked segments.
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This latest investment underscores GFG’s fintech leadership and its ability to continue building a sustainable, diversified business to tap into the vast financial services market opportunity in SEA, which is expected to have a full revenue potential of US$60bn by 2025. Hanwha Asset Management’s participation as a lead investor, the continued conviction from early Grab investors GGV Capital and K3 Ventures, as well as the funds by renowned fintech VCs Flourish Ventures (affiliated with eBay founder Pierre Omidyar) and Arbor Ventures, are key indicators of investor confidence in GFG’s track record of delivering hyperlocal innovations at scale.
GFG, which today offers payments and financial services across lending, insurance and retail wealth management in the region, will use the new funds to continue helping more individuals and SMEs access the benefits of financial services. It will do so by further investing in talent, and expanding its offerings in SEA with more affordable, convenient and transparent financial solutions.
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