A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga
SINGAPORE (Reuters) – Southeast Asian ride hailer Grab is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) and $150 million from Japanese IT services firm TIS Inc, as it seeks to expand aggressively into financial services.
“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,” Ming Maa, Grab’s president, said in a statement on Tuesday.
Reporting by Takashi Umekawa in Tokyo and Anshuman Daga in Singapore; Editing by Christian Schmollinger