Grab has acquired Bento Invest Pte Ltd, a Singapore-based robo-advisory start-up. The deal’s financial terms were not disclosed.
According to a statement by Grab, Bento will be rebranded as GrabInvest following the acquisition, with its products to become available on the Grab app in Singapore within the first half of the year. It added that GrabInvest will be a new core business vertical under the company’s financial services arm, and will led by Chandrima Das, founder and CEO of Bento.
It will offer a range of retail wealth management products, allowing individuals to invest in financial products that were traditionally limited to affluent individuals and institutional investors. GrabInvest has a Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).
“In Southeast Asia, there is a lack of access to affordable wealth management products and retirement planning solutions for most people,” said Reuben Lai, senior managing director of Grab Financial Group. “As we face an increasingly volatile and uncertain economic environment, it is imperative for Southeast Asians to acquire the tools and knowledge to protect their future by sustainably building wealth for themselves and their families. The launch of GrabInvest brings us a step closer to democratising access to affordable financial solutions that will help them achieve the financial stability they need well into their retirement years.”
Initially a ride-hailing service, Grab has expanded massively in the financial services market, now dabbling in insurance, payments, rewards, lending, and now, investments.
