Grab Financial Group announced on Jan 14 that it has raised over US$300 million ($397.4 million) in its Series A funding round, led by Hanwha Asset Management Co, South Korea’s leading asset management company.

Other investors in the round include K3 Ventures, GGV Capital, Arbor Ventures and Flourish Ventures.

The series A financing marks another step in the growth of Grab as its total revenues increased by over 40% in 2020, compared to 2019.

Key milestone developments for Grab in 2020 include AutoInvest, which nearly doubled in monthly users in December 2020, as well as its insurance distribution, which now has over 4.5 million users.

On Dec 4, 2020, the Grab-Singtel consortium received one of two digital full bank licenses from the Monetary Authority of Singapore (MAS).

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According to a statement released by Grab, its fintech leadership is expected to bring about a full revenue potential of US$60 billion by 2025.

Grab says it will use the new funds to continue helping more individuals and SMEs “access the benefits of financial services”.

“We are at an inflection point in Southeast Asia, as the pandemic has accelerated the need for digital financial services that help us grow and protect our incomes,” says Reuben Lai, senior managing director at Grab Financial Group.

“We are delighted to draw upon the expertise of top investors who know financial services and fintech well, so that we can continue to build and open up access to affordable and transparent financial services for millions of underserved people and small businesses, and make inroads into financial inclusion in the region,” Lai adds.

Yong Hyun Kim, CEO of Hanwha Asset Management, says, “We expect GFG to continue its exponential growth on the back of an innovative business model which supports the changing broader lifestyle of consumers, as well as its highly synergistic relationship with Grab, the largest Southeast Asian unicorn.”

“At the same time, we are particularly pleased to invest in a company that is fulfilling the socially responsible role as an enabler of financial services to the underbanked and unbanked population in Southeast Asia,” Yong adds.