- Grab Financial Group (GFG) not long ago announced it lifted over $300 million in Collection A funding led by Hanwha Asset Administration. These are the specifics.
Grab Money Group (GFG) just lately declared it elevated in excess of $300 million in Collection A funding led by Hanwha Asset Management. And other investors in the round consist of K3 Ventures, GGV Money, Arbor Ventures, and Prosper Ventures.
The Series A funding spherical marks the upcoming action in GFG’s advancement as its total revenues have increased by above 40% in 2020 in contrast to 2019. This incorporates the sturdy shopper adoption of its new providers with AutoInvest — its very first retail wealth management products, almost doubling in regular monthly buyers in December 2020.
The company’s insurance policy distribution also continued its outstanding advancement, quadrupling its regular lively customers to in excess of 4.5 million in 3 months, and distributing around 70 million insurance coverage guidelines to date considering that launching very last April. And including to this momentum, the Get-Singtel consortium was a short while ago selected by the Financial Authority of Singapore to established up a comprehensive electronic bank, a powerful validation of its potential to provide under-banked segments.
This financial commitment underscores GFG’s fintech management and its skill to keep on making a sustainable and diversified organization to tap into the broad economical solutions sector chance in SEA — which is anticipated to have a whole income prospective of $60 billion by 2025. Hanwha Asset Management’s participation as a direct investor, the ongoing conviction from early Seize traders GGV Funds and K3 Ventures as properly as the resources by renowned fintech VCs Flourish Ventures (affiliated with eBay founder Pierre Omidyar) and Arbor Ventures are important indicators of trader self confidence in GFG’s observe file of providing hyperlocal improvements at scale.
GFG — which nowadays offers payments and money solutions throughout lending, insurance plan, and retail prosperity administration in the region — will use the new cash to carry on assisting a lot more people and SMEs entry the positive aspects of economic solutions. And it will do so by additional investing in talent, and expanding its choices in SEA with far more cost-effective, practical and clear economic solutions.
In a location where by over 70% of the adult populace is still underbanked and millions of SMEs nonetheless need to have very important funding, GFG aims to help bridge these unmet requirements and shut the monetary inclusion hole. And with the COVID-19 pandemic bringing even extra individuals and companies on the web, GFG is effectively-positioned to even further assist millions of Southeast Asians with its suite of digital money products and services.
“We are at an inflection issue in Southeast Asia, as the pandemic has accelerated the will need for digital monetary providers that assist us expand and shield our incomes. We are delighted to attract on the abilities of prime traders who know fiscal solutions and fintech effectively, so that we can proceed to make and open up up entry to inexpensive and transparent economical services for thousands and thousands of underserved men and women and small organizations, and make inroads into fiscal inclusion in the area.”
— Reuben Lai, Senior Managing Director, Get Monetary Group
“We be expecting GFG to go on its exponential expansion on the again of an revolutionary enterprise design which supports the changing broader way of living of shoppers, as well as its highly synergistic romance with Grab, the largest Southeast Asian unicorn. At the exact same time, we are notably happy to make investments in a enterprise that is fulfilling the socially responsible purpose as an enabler of financial products and services to the underbanked and unbanked inhabitants in Southeast Asia. We are really psyched to be foremost the Sequence A round for GFG as portion of Hanwha’s know-how and curiosity in the fintech room and our ongoing expense into the sector.”
— Yong Hyun Kim, CEO of Hanwha Asset Administration