Grab has spent S$3.2B on acquisitions this year. Most of it is going to one place.
It’s spending billions on businesses that could turn financial services into its next growth engine Grab has spent roughly US$2.5 billion (S$3.2 billion) on acquisitions so far this year. Strip out its expansion into Taiwan, and most of that money is going toward one thing: financial services, particularly lending. Until recently, Grab was largely building […]
Grab has invested approximately US$3.2 billion in acquisitions this year, with most of the spending directed towards the financial services sector. The dominant acquisition thus far is the 60% stake in Atome Financial, a digital lending business operating in Singapore, Malaysia, the Philippines, Indonesia, and Thailand. Atome boasts a substantial user base of 25 million, a gross loan portfolio of about US$1 billion, and has witnessed a 72% increase in total loans disbursed to a record US$1.2 billion.
This strategic move aligns with Grab's objective of rapidly expanding its financial services operations by acquiring established businesses with existing customer bases and lending infrastructure, thereby circumventing the need to build these capabilities from scratch.
Written by urgent.news from Vulcan Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
