Singapore-based ridesharing, food delivery and digital payments firm Grab has acquired Bento Invest, a robo-advisory and digital wealth platform provider, for an undisclosed amount.
Through the transaction, Grab intends to offer retail wealth management and investment solutions to its ecosystem of users, driver-partners and merchant-partners through the Grab app.
Bento offers a digital wealth platform that include client onboarding, portfolio construction and rebalancing, leveraging its risk management capabilities.
Bento founder and CEO Chandrima Das said: “The Bento and Grab Financial teams share a common vision to democratise investments for our customers irrespective of their wallet size.
“I am grateful for the opportunity to be part of the Grab ecosystem as we work together to make wealth management solutions serve the financial needs of millions of Southeast Asians.”
GrabInvest will provide cash management and financial solutions
Grab will rebrand Bento as GrabInvest, making it a new core business vertical under its financial services arm Grab Financial Group, and launch products on the Grab app in the first half of 2020.
GrabInvest is aimed at providing cash management and portfolio-based financial solutions to its users, driver-partners and merchant-partners, initially in Singapore.
In addition, GrabInvest is said to adopt a low-cost, transparent and trusted model and allows users to transact on a familiar platform.
Grab Financial Group offers financial services including payments through GrabPay, rewards through GrabRewards, lending through GrabFinance, and insurance through GrabInsure, to micro-entrepreneurs, small business owners, driver-partners and users across Southeast Asia.
Grab Financial Group investments and new businesses head Philip Chew said: “We are excited to welcome Chandrima and her team to the Grab family. Bento has been recognised as a leading wealth-tech platform and proven to be an industry leader in democratising retail wealth solutions in the region.
“Now, from within Grab’s everyday app, we will build on our fintech capabilities to transform what is currently an underserved retail wealth sector in Southeast Asia to one that is powered by a 24/7 user engagement platform and best-in-class financial models, portfolio management and risk management technologies. All of this, while remaining affordable, accessible and trusted by our partners and users.”
