Grab, the south-east Asian ride hailing app, has raised a further $300m from Invesco to help Grab develop its financial services arm. The latest funding values the company at more than $14bn.
Grab and its main rival, Indonesia’s Go-Jek, have become the dominant forces in the region’s app wars. Both started as Uber-like ride-sharing platforms but have branched out into payments and other services to rival China’s Alipay and WeChat. The Singapore-headquartered company is south-east Asia’s most valuable start-up and one of the best capitalised in the region. Other backers include SoftBank, Microsoft and Toyota.