Japan’s largest bank invests over US$700 million in Southeast Asian ride-hailing giant Grab
- Mitsubishi UFJ Financial Group plans to market a range of services, from insurance to loans, to users of Grab across the region
Japan’s Mitsubishi UFJ Financial Group (MUFG) is investing more than US$700 million in Southeast Asian ride-hailing giant Grab, gaining access to millions across the region that use the mobile app to book cars and meals.
The Japanese financial institution intends to market a range of financial services from insurance to loans to Grab’s users, said a person familiar with the deal who was not authorised to discuss the matter publicly.
Grab, one of several ride-hailing giants backed by SoftBank Group Corp, is trying to build a regional super app that offers a range of services including finance, payments and rides.
The start-up, one of Southeast Asia’s largest, does not disclose its number of users – which include many for food delivery – but said its app has been downloaded onto more than 166 million mobile devices in the region.
The ride-hailing services provider, which has taken in more than US$2.6 billion from SoftBank alone, is on the hunt for more capital as it builds out and markets new services.