Ride hailing platform Grab is bolstering its ‘superapp’ footprint with a new acquisition.
It announced the acquisition of Singapore-based robo-advisor startup Bento.
It gives Grab a suite of retail wealth management solutions for ride hailing users, drivers and existing merchant partners.
It will rebrand as GrabInvest and integrate within the Grab Financial Group division which includes GrabPay and its loyalty programme.
Bento founder and CEO Chandrima Das will join as Grab Financial Group’s head of wealth management.
Chandrima previously served as managing director at Bank of Singapore.
Rolling out in Singapore first, GrabInvest will offer money management and financial solutions across Southeast Asia.
"In Southeast Asia, there is a lack of wealth management products and retirement planning solutions. As we face an increasingly volatile economic environment, it is imperative for Southeast Asians to acquire the tools and knowledge to protect their future," said Reuben Lai, senior managing director of Grab Financial Group.
"The launch of GrabInvest brings us a step closer to democratising access to affordable financial solutions."
