SoftBank-backed Grab raising $856 mln from Japanese investors (updated)

TIS

25/02/2020 06:23

(Adds details on usage of funds and comments by MUFG)
    SINGAPORE/TOKYO, Feb 25 (Reuters) - Southeast Asian ride
hailer Grab is raising $706 million from Mitsubishi UFJ
Financial Group Inc (MUFG)  8306.T  and $150 million from
Japanese IT services firm TIS Inc  3626.T , 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  9984.T , 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. "We believe
that this alliance will also generate additional momentum for
our ongoing digital transformation of MUFG," he said.
    Separately, Grab also said that TIS Inc, part of TIS INTEC
Group, is investing $150 million in the company.

 (Reporting by Anshuman Daga in Singapore and Takashi Umekawa in
Tokyo; Editing by Christian Schmollinger and Muralikumar
Anantharaman)
 ((anshuman.daga@tr.com; +65 64035676;))