SoftBank-backed Grab raising $856 million from Japanese investors

SINGAPORE/TOKYO: Southeast Asian ride hailer Grab is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG) 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.

Grab, backed by SoftBank Group Corp , said it will use the funding to offer lending, insurance and wealth management products and services for Southeast Asian consumers and small and medium-sized enterprises.

MUFG’s deputy president and incoming CEO Hironori Kamezawa said the bank will combine Grab’s advanced technologies and data management expertise with its financial experience.