FinTech Grab Financial Debuts Payments, Insurance and Lending App

Southeast Asian FinTech Grab Financial has rolled out plans for a new brand for digital payments, insurance, lending and wealth management, called GrabFin, according to a company release Monday (May 23).

GrabFin will give a lone entry point to payment, investment and insurance services on the Grab app and will address consumer preference for such a thing.

The release said GrabFin will allow customers to “choose how they use the products.”

It also shows Grab’s goal to allow more financial access for the region.

The release said GrabFin would come with the investment product Earn+, a way for consumers to use idle cash to make investments. Earn+ users start with a minimum investment of $1 and there is no maximum investment limit or lock-in period, and users can withdraw funds to their GrabPay wallets instantly.

GrabFin head Kell Jay Lim said the new app was possible because of the company’s super app platform.

“The GrabFin brand reinforces our promise to empower the six in 10 financially underserved in the region by providing simple, accessible and flexible financial services in a single platform that they are familiar with and already access daily,” he said. “With GrabFin, access to financial services will be as simple as ordering a ride on the Grab app.”

PYMNTS wrote that Grab’s latest earnings report had been a factor in a 25% rally in the name on Wall Street, purporting that “super apps” have been taking off more and that the pandemic was playing a part.

Read more: Grab Results Show Super Apps Taking Hold

The super app is reportedly showing “how connected economies take shape,” the PYMNTS report notes.

The super apps have reportedly been seeing more popularity, outpacing the pandemic and the impact of inflation.