Grab Financial Group said it has raised over $300m in a Series A funding round, led by South Korea’s Hanwha Asset Management.
Other venture capital investors include K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures, it said.
The latest proceeds will be used to invest in talent and expand GFG’s offerings in Southeast Asia.
The Singapore-based firm specialises in payments and financial services across lending, insurance, and retail wealth management in the region.
AutoInvest, its first retail wealth management product, nearly doubled in monthly users in December 2020.
Adding to this momentum, the Grab-Singtel consortium was recently selected by the Monetary Authority of Singapore to set up a full digital bank.
The consortium plans to focus on serving consumers and small businesses, starting with young professionals and micro-SMEs who face limited access to financing.
In Southeast Asia, 70% of the adult population is still underbanked, and millions of SMEs still need funding, a study by Bain, Google and Temasek show.
Hanwha is keen to tap into this opportunity. ‘We expect GFG to continue its exponential growth on the back of an innovative business model which supports the changing broader lifestyle of consumers,’ said CEO Yong Hyun Kim, adding that the group already has ongoing investments in the fintech sector.
Hanwha manages about $80bn in assets across equities, fixed income, and alternative products. The firm recently received a private fund management licence in China.
With the PFM licence, Hanwha will be allowed to act as an external fund manager for Chinese insurers and banks by October.