NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Southeast Asian ride-hailing and food delivery giant Grab has raised more than $300 million from investors led by South Korea’s Hanwha Asset Management Co. Ltd for its rapidly-expanding financial services business.

Grab said this is the first external funding for the fintech business, which has chalked out ambitious plans in insurance, lending, wealth management and payments.

Grab competes with the likes of Indonesia’s Gojek and many local start-ups that are attracting millions of customers as they look to disrupt established financial services companies in a region home to some 650 million people.