Grab raises $300 million for fintech arm's ambitious expansion

A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo

SINGAPORE (Reuters) - 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.