Get closer to the loan and insurance supply after the last investment cycle
Grab had a successful 2019. As well as being one of the largest ridesharing services in Southeast Asia, it is also the most widely used e-wallet in Malaysia.
The company continues to be successful. A report indicates that the Japanese group Mitsubishi UFJ Financial Group (MUFG) has just invested more than 700 million dollars in Grab.
Grab’s first D-Series funding round began with SoftBank, which invested US $ 250 million in the company in 2014. Grab said it was the largest investment made in an Asian company. from the South East.
SoftBank then invested more in the company and the total to date has reached $ 4.5 billion.
With MUFG’s latest investment, the Japanese financial services company will oversee Grab’s loan and insurance offerings. Grab will be able to make loan suggestions based on the needs of its clients.
MUFG, meanwhile, is interested in Grab’s artificial intelligence technologies and analytical skills, according to Japanese newspaper Nikkei.
This will help MUFG compete with other online banks and startups.
Nikkei cited a statement from an unknown MUFG member saying, “These reports are not based on any announcements made by MUFG or MUFG Bank.