Experian, a global consumer credit company, has invested an undisclosed amount in Grab’s latest financing round, making it Experian’s fourth investment in Asia, as reported by Business Times.
The investment also opens a partnership in which Experian and Grab will see the use of technology and data analytics to support Grab’s customised offerings for its users, such as improvement in access to loans for aspiring entrepreneurs in the region.
Experian Asia-Pacific chief executive Ben Elliott said that the partnership also seeks to “improve access to mobility-enabled solutions and financial services for underbanked South-east Asia consumers”.
“Our vision for the future of financial services is that it will be powered by technology and alternative data. We want to transform the way consumers and businesses seek out financial products and services,” Elliot added.
For its Series H round, Grab has said that it plans to raise US$6.5 billion. The round is expected to close by the end of this year and so far has collected more than US$4.5 billion in capital.
This year alone, Grab has secured US$1.46 billion from Masayoshi Son’s SoftBank Vision Fund and added another US$300 million from existing investor Invesco, a US-based investment manager.
Among Grab’s other investors in the Series H round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.