Ride hailing company Grab just secured nearly 1 billion dollars to help achieve its super app ambitions. The Singapore start up is getting an 850-million-dollar cash boost from investors that it plans to pump into digital payments and financial services as it battles for market share against Indonesia’s GoJek.
Japan’s largest bank, Mitsubishi UFJ Financial Group, put up more than 700 million dollars, with the rest coming from TIS, a Japanese IT solutions company.
Grab president Ming Maa said the company will work with Mitsubishi and TIS to co-develop affordable and accessible financial products to grow financial inclusion in Southeast Asia.
Since driving Uber out of Southeast Asia in 2018, Grab, now valued at over 14 billion dollars, has dominated the ride-hailing industry in the eight countries in the region where it operates. But rival GoJek, valued at 10 billion dollars, dominates in its home country of Indonesia.