Super app Grab is becoming a lot more super. That’s because the Southeast Asia-based company that specializes in transportation, food delivery, and payment solutions is expanding into direct-to-consumer services.
Three new consumer-focused services are launching under Grab’s Thrive with Grab strategy. The new initiative builds off of the company’s merchant services strategy, Grow with Grab, that launched last year. In contrast, Thrive with Grab “aims to empower individuals to grow their personal wealth, manage their finances and protect what they value.”
At launch, Grab’s three consumer-focused services include a loan marketplace that aggregates loan offers from third party providers, a buy-now-pay-later payment offering with partner merchants, and AutoInvest, a micro-investment solution that allows users to invest small sums of money while spending in Grab’s ecosystem.
“As a leading fintech company in Southeast Asia, our ‘Thrive with Grab’ strategy will enable users to build their wealth, manage their finances, and protect what they value during this uncertain period,” said Grab Senior Managing Director Reuben Lai. “By offering innovative micro-transaction-based financial services, convenient financial management tools, and access to products from leading global financial institutions, we hope to unlock the tremendous potential in financial services in the region in ways that serve all Southeast Asians.”
The launch of the three new services is Grab’s second foray into the direct-to-consumer space. The company launched an insurance offering in April of last year and has since issued more than 13 million insurance policies.
Reuben said that the goal of the new launch is to “empower individuals and small businesses across the region to meet their diverse needs through financial services by delivering products and solutions that are accessible, transparent, and convenient.”
Grab raised $856 million in February and yesterday announced a $200 million round, bringing its total raised to over $10 billion and boosting its valuation to over $14 billion. Anthony Tan co-founded the company in 2012 with Tan Hooi Ling and now serves as CEO.