Grab has secured an investment with consumer credit company Experian, as part of the ride-hailing company’s Series H funding round. Both companies also look to improve access to mobility-enabled solutions and financial services for underbanked consumers in Southeast Asia through this partnership.
This partnership will also enable both companies to harness technologies and data analytics to sharpen the way Grab customises its offerings for its users, which includes improving access to loans for entrepreneurs across the region.
Reuben Lai, senior managing director, Grab Financial Group, said Experian joins its growing list of strategic investors who are convinced along with Grab, the companies look to unlock more opportunities for the unbanked and underserved communities to use the mobility-enabled solutions and financial services on the Grab Platform. He also added that these would enable customers to gain access to the digital economy and potentially improve their livelihoods.
Dev Dhiman, managing director, Southeast Asia and Emerging Markets, Experian, said through leveraging data insights and collaboration with local partners, such as Grab, the company aims to better understand and meet the financial needs of unbanked and underbanked consumers in the region.
According to Ben Elliott, chief executive officer, Experian Asia Pacific, the company wants to transform the way consumers and businesses seek out financial products and services. This partnership with Grab, alongside its existing investments in the region, helps Experian build on its promise of matching the demand and supply of financial access to all consumers and businesses, driving greater financial inclusion.