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Miguel Cordon · · 1 min readGrab looks to raise up to $500m for fintech arm, sources say
The insurance firms are likely to pour half of Grab’s target amount over a few rounds, one source said.
The Singapore-based startup is looking to reach agreements as early as October, the sources added. Grab Financial’s pre-money valuation currently sits at around US$2 billion, according to their estimate.
Tech in Asia has reached out to Grab, but the company declined to comment.
If a deal materializes, it would come as Grab Financial gears up for major expansion.
The fintech arm recently launched its first micro-investment solution. Called AutoInvest, it allows Singapore users to invest as low as S$1 per every transaction made with Grab services. The company said users can expect to earn about 1.8% in returns per year with the feature.
Grab also announced other products such as consumer loans and the expansion of its buy-now-pay-later service.
Editing by Eileen C. Ang
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