Grab Financial Group (GFG), the fintech arm of ride-hailing and food delivery major Grab, has raised more than US$300 million in its Series A funding round, led by South Korea’s Hanwha Asset Management.  Other investors in the round include K3 Ventures, GGV Capital, Arbor Ventures, and Flourish Ventures.

The group, which offers payments and financial services across lending, insurance and retail wealth management in Southeast Asia, also announced that its total revenues grew over 40% last year, compared with 2019.

The strong growth came amid robust consumer adoption of its new services, with AutoInvest, its first retail wealth management product, nearly doubling in monthly users in December 2020. In insurance distribution, its monthly active users quadrupled to over 4.5 million in three months.

Also, a consortium comprising Grab Holding and Singapore Telecommunications has received approval from the Monetary Authority of Singapore to set up a full digital bank, which GFG says is a strong validation of its ability to serve underbanked segments. 

GFG says it will use the new funds to hire more talent and expand its offerings in the region, where over 70% of the adult population remain underbanked and millions of small and medium enterprises still need crucial funding.