Grab Holdings Inc. (“Grab”), Southeast Asia’s leading super app, has announced the acquisition of Bento Invest Pte Ltd (“Bento”), a Singapore-based robo-advisory start-up for an undisclosed sum, that will allow Grab to offer retail wealth management solutions to users, driver-partners and merchant-partners, via the Grab app.
With the acquisition, Bento will be rebranded as GrabInvest with products launched on the Grab app in the first half of the year in Singapore. GrabInvest will be a new core business vertical under Grab’s financial services arm, Grab Financial Group, led by Chandrima Das, founder and CEO of Bento. Grab Financial Group currently offers financial services across Southeast Asia in payments (GrabPay), rewards (GrabRewards), lending (GrabFinance), and insurance (GrabInsure) to micro-entrepreneurs, small business owners, driver-partners and users across Southeast Asia.
GrabInvest aims to democratise access to retail wealth management products, in order to provide millions across Southeast Asia with the opportunity to save and invest in financial products traditionally limited to affluent individuals and institutional investors. GrabInvest aims to make wealth management services accessible by adopting a low-cost model, easy to understand by allowing users to transact on a platform they are familiar with, transparent by having full disclosures on fees with zero hidden elements, and trusted by adhering to consumer protection standards outlined by our Monetary Authority of Singapore (MAS) Capital Markets Services (CMS) license.