Grab Gets $50M Strategic Investment From KBank To Launch Mobile Wallet GrabPay In Thailand

News Source: China Money Network.

Singapore-based ride-hailing start-up Grab Holdings Inc. has raised US$50 million in a strategic investment from Thailand-based financial firm KASIKORNBANK (KBank) with the aim to launch a co-branded mobile wallet GrabPay in Thailand, according to an announcement.

As part of the strategic deal, Grab Financial, the fintech arm of Grab, will introduce GrabPay, a mobile wallet combined with features from KBank’s K PLUS app and the Grab app.

The strategic investment from KBank is part of Grab’s ongoing fundraising round, as the firm has raised over US$2 billion for its current round of financing and is on track to raise over US$3 billion by the end of this year, it said in October.

Just yesterday, Grab receive...

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