Grab in advanced talks to raise $300-500 mn for its financial services unit

SINGAPORE (Reuters) – Southeast Asia’s Grab is in advanced talks with Prudential PLC, AIA Group Ltd and others as it seeks $300 million to $500 million in investment for its financial services unit, people with direct knowledge of the matter told Reuters. They said Grab Financial Group’s pre-money valuation – the value of an unlisted startup before its next funding round – has been estimated at about $2 billion. Grab, Prudential and AIA declined to comment. The fundraising, coming as the COVID-19 pandemic decimates the global economic outlook, underscores the potential for technology-led financial services as the bulk of retail transactions go digital. Backing from Prudential and AIA would add heft to Grab’s financial services ambitions, which go beyond expanding its insurance and lending businesses and into the realm of wealth management.

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