Grab’s financial services segment reported positive adjusted EBITDA for the first time in the third quarter of 2026, reaching US$12 million compared with a US$28 million loss a year earlier.
According to Grab’s third-quarter results, financial services revenue rose 124% year-on-year to US$201 million, driven largely by lending across GrabFin and its digital banks.
Contributions from Indonesia’s Superbank and US investment platform Stash also supported growth.
The segment had reported a US$15 million adjusted EBITDA loss in the second quarter.
Grab had previously targeted breakeven in the second half of 2026.
Grab’s loan portfolio triples to US$2.7 billion
Total loans disbursed increased 115% year-on-year to US$1.9 billion during the quarter.
Grab’s gross loan portfolio reached US$2.7 billion at the end of September, up 200% from US$900 million a year earlier.
Part of the increase came from Superbank, which Grab began consolidating in June. Excluding Superbank, the loan portfolio grew 115% year-on-year.
Grab also began recognising revenue contributions from Stash, which it acquired in July.
Meanwhile, customer deposits across GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia reached US$2.7 billion.
Grab maintains focus on credit quality
As its lending portfolio expanded, Grab reported a non-performing loan ratio of 2.6%, based on loans overdue by at least 90 days.
Expected credit loss reserves stood at 6.5% of the gross loan portfolio, providing approximately 2.4 times coverage of non-performing loans.
At group level, operating cash flow reached US$55 million, improving by US$182 million year-on-year.
A US$404 million year-on-year increase in customer deposit inflows supported the improvement, partly offset by a US$294 million increase in loan disbursements.
Grab raises full-year guidance
Group revenue rose 27% year-on-year to US$1.11 billion, while adjusted EBITDA increased 73% to US$237 million.
Profit for the period reached US$18 million, compared with US$17 million a year earlier. A US$57 million net fair value loss on financial assets and liabilities and a US$12 million impairment loss on an equity-accounted investee partly offset higher operating profit.
Grab raised its full-year 2026 revenue guidance to between US$4.15 billion and US$4.20 billion. It also increased its adjusted EBITDA forecast to between US$790 million and US$800 million.
“More users are transacting on Grab than ever,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
Tan added that the company’s scale and network efficiencies allow it to make services more affordable while supporting driver and merchant earnings through AI tools and financing.
Separately, Grab agreed in September to acquire a majority stake in Atome Financial, with the initial transaction expected to close by the third quarter of 2027.
At the time, Grab said it expected its financial services segment, including Atome, to generate US$500 million in adjusted EBITDA and reach a gross loan portfolio exceeding US$6 billion by 2028.
Featured image credit: Edited by Fintech News Singapore, based on image by magnific via Magnific
