Grab acquires wealth tech startup Bento
Southeast Asia’s super app Grab has announced the acquisition of Bento , a Singapore-based robo-advisory startup to allow Grab to offer retail wealth management solutions to users, driver-partners and merchant-partners, via its Grab app.
Established in 2016, Bento – a team of 13 – developed a proprietary digital wealth platform that includes client onboarding, and portfolio construction and rebalancing supported by robust risk management capabilities.
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 democratize 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.”
“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.” – Chandrima Das, Founder and CEO, Bento, and Grab Financial Group’s new Head of Wealth Management.