The banking group is providing the funding as part of a collaboration deal that will involve it building a financial services app with Grab.

Financial services group Mitsubishi UFJ is investing up to ¥80bn ($714m) in Grab, the Singapore-based ride hailing and financial technology platform already backed by a host of corporates, Nikkei reported yesterday.

Formerly known as GrabTaxi, Grab operates an on-demand ride service spanning more than 500 towns and cities across Southeast Asia. It has diversified into package and food delivery and is building out a fintech offering through a subsidiary called Grab Financial Group.

Mitsubishi UFJ’s investment is being made in connection with a strategic partnership that will involve the companies jointly developing a consumer lending and insurance app.

The report did not confirm whether the funding will be added to Grab’s ongoing series H round, which stood at $4.8bn prior to an investment of undisclosed size by Experian Ventures, the corporate venture capital vehicle for credit rating provider Experian, in July 2019.

Investment manager Invesco had supplied $300m

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.