The series A funding round for Southeast Asia’s Grab Financial Group that provides financial services across payments, lending and insurance, was led by Hanwha, South Korea’s asset management company. Additional investors included K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures that helped raise $300 million in the funding round, according to a press release.
GFG posted a 40% increase in revenues for 2020, launching its first wealth management product, doubling its monthly users in Dec. 2020 and in its insurance distribution quadrupling its monthly active users to over 4.5 million.
“We expect GFG to continue its exponential growth on the back of an innovative business model which supports the changing broader lifestyle of consumers, as well as its highly synergistic relationship with Grab, the largest Southeast Asian unicorn,” Yong Hyun Kim, CEO of Hanwha Asset Management said in the release. “At the same time, we are particularly pleased to invest in a company that is fulfilling the socially responsible role as an enabler of financial services to the underbanked and unbanked population in Southeast Asia. We are very excited to be leading the Series A round for GFG as part of Hanwha’s expertise and interest in the fintech space and our ongoing investment into the sector.”