Grab Holdings reported significant growth in its financial services and digital banking segments for the third quarter of 2024, driven by an expansion in lending and deposit services.
Revenue from financial services rose 34% year-over-year (YoY) to US$64 million, or 38% on a constant currency basis.
The growth was attributed to GrabFin’s expanding lending operations, new contributions from its digital bank, and optimisation of payment incentives.
The total loan portfolio increased 81% YoY to US$498 million, with total loans disbursed during the quarter growing by 38% YoY to US$567 million.
This marked a notable rise in Grab’s ecosystem-driven lending activities.
Deposits in Grab’s digital banking business tripled YoY to US$1.1 billion, compared to US$362 million during the same period last year.
Sequentially, deposits grew 50% quarter-on-quarter, bolstered by an increase in deposit customers and the launch of Boost Pocket under GXS Bank.
Boost Pocket is a term deposit product offers customers higher interest rates on their savings.
The financial services segment’s adjusted EBITDA remained negative at US$26 million for the quarter but reflected a 27% YoY improvement.
The narrowing losses were driven by revenue growth from lending, improved margins, and reductions in overhead expenses.
Grab is continuing to focus on its ecosystem-based lending strategy, with sustained growth in loans to its partners highlighting the segment’s progress.
Featured image credit: Edited from Freepik
