Grab is Now US$300 Mil Closer to Lofty US$6.5 Bil Goal it Needs to Hit By End of 2019by Fintechnews Singapore June 27, 2019
Grab just announced an additional investment of US$300 million from Invesco , a global independent investment management company. The additional investment in Grab takes Invesco’s overall total input into the ride-hailing-turned-potential-virtual-bank up to US$703 million.
The latest capital injection puts the company one stop closer to meet its US$6.5 billion goal in total capital between June 2018 and the end of this year. They made the announcement a scant few weeks after closing its Series H led by SoftBank Vision Fund to the tune of US$1.46 billion, earlier this year.
Earlier this year, Invesco successfully completed its acquisition of OppenheimerFunds, which first invested US$403 million in Grab in July 2018. Grab’s high profile investments rapid growth this year, powered by investments from key strategic partners, including US$1.46 billion from the SoftBank Vision Fund earlier this year.
Grab is on an investment spree of sorts, in a bid to grow from primarily ride-hailing focused to its self-branded “super app” vision. Part of this includes a wide slew of fintech functionalities since the company’s 2018 launch of their fintech arm, the aptly named Grab Financial. Since then, Grab has announced or launched different finance-related verticals like its e-wallet GrabPay, wallet-to-wallet remittance across country borders, mobile insurance via app, a Mastercard-enabled physical complement to their e-wallet, and other offerings.