Grab lands $850 million to pump into financial services

Hong Kong (CNN Business)Ride hailing company Grab just secured nearly $1 billion to help achieve its super app ambitions.

The Singapore start up is getting an $850 million cash boost from investors that it plans to pump into digital payments and financial services. The injection comes as Grab is battling for market share against Indonesia's GoJek.

Japan's largest bank, Mitsubishi UFJ Financial Group (MBFJF), put up more than $700 million, with the rest coming from TIS, a Japanese IT solutions company.

Grab president Ming Maa said in a statement that the company will work with Mitsubishi and TIS to co-develop financial products.

"Ensuring greater access to affordable and accessible financial services and products is key to growing financial inclusion in Southeast Asia," Maa said.