Corporate maneuvering

Grab Financial is raising $300 million for its spin-off: sources

In a move that has been likened to that of Ant Financial, the Southeast Asian fintech group is busy raising the target amount and separating its business from its parent company, FinanceAsia has learnt.

Grab Financial, the business unit of Grab’s payments, rewards and broader financial services, is raising up to $300 million to prepare the brand to run independently, executives close the matter have informed FinanceAsia.

It is not clear at this stage if the $300 million funding will be sourced from outside investment, a cash injection from Grab or a mixture of both. A spokeswoman for Grab Financial declined to comment on the news.

The news comes on the coattails of regional rival Gojek just completing $1.2 billion fundraising for its expansion, according to Bloomberg. The proceeds will be used, in large part, to take on...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222