Grab raises $1.19b from MUFG, Japanese IT firm TIS

The money will fund the app’s expansion into financial services.

Grab is raising $986m (US$706m) from Mitsubishi UFJ Financial Group (MUFG) and $209 (US$150m) from Japanese IT firm TIS, raising $1.19b (US$856m) in total, Reuters reports.

The SoftBank-backed ride-hailing app said it will use the funding for lending, insurance, and wealth management services for Southeast Asian customers and SMEs.

“MUFG’s investment into Grab is a vote of confidence in our super app strategy and our ability to build a long-term, sustainable business,” said Grab president Ming Maa.

Here’s more from Reuters.

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