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Singapore's Grab eyes venture into financial services

Singapore-based ride-hailing service Grab is eyeing another fundraising round "in the near future" as it seeks to add financial services to its offerings, Reuters reported June 6, citing Grab co-founder and CEO Anthony Tan.

Grab is reportedly looking into transforming the company into a consumer tech firm that offers loans, electronic money transfer and money-market funds.

Earlier this year, Grab bought Kudo, an Indonesian payment startup, with plans to integrate the Kudo team and platform with its own mobile payments platform GrabPay.

Tan said Grab is seeking more acquisitions to support rapid growth. He added that the next step is "building an engineering center dedicated to payments."

In September 2016, Grab raised $750 million from an equity financing round led by SoftBank Group Corp.