February 25, 2020 / 6:07 AM / a month ago

Grab raising $706 mln from MUFG to roll-out financial services

SINGAPORE, Feb 25 (Reuters) - Southeast Asian ride hailer Grab is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG) and $150 million from Japanese IT services firm TIS Inc, 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. (Reporting by Takashi Umekawa in Tokyo and Anshuman Daga in Singapore; Editing by Christian Schmollinger)

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