On Tuesday, the 25th of February 2020, Grab, the Singaporean ride-sharing startup originally founded in Malaysia back in the June of 2012, said that the SoftBank-backed Southeast Asian company had secured a funding of as many as $856 million from Japan’s Mitsubishi UFJ, Financial Group Inc.
alongside another Japanese firm, TIS Inc, as the Singapore-based ride-hailing start-up appeared to be mulling an aggressive expansion across financial services. Apart from that, the aforementioned companies had also issued a joint statement on Tuesday (February 25th), saying that the Japan’s largest bank by asset, MUFG, had also agreed to invest a whopping upsum of $706 million, nonetheless questions were raised whether Grab might turn out to be another fluke like WeWork, which led to the Japanese Investment conglomerate SoftBank’s first quarterly loss in a decade on Q4, 2019.
Meanwhile, referring to MUFG’s interest on making a large investment on Grab, the Singaporean ride-sharing start-up’s President, Ming Maa said in a statement on Tuesday (February 25th), “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.
We believe that this alliance will also generate additional momentum for our ongoing digital transformation of MUFG. ”