Singapore ride-hailing app Grab is to move into the robo-advisory space with the acquisition of WealthTech startup Bento.Bento will be rebranded as GrabInvest with products launched on the Grab app in the first half of the year in Singapore.
GrabInvest will offer wealth management and investment products to users, driver-partners and merchant-partners under the firm’s financial services arm.
Philip Chew, head of investments and new businesses, Grab Financial Group, says: “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.”
Bento’s proprietary digital wealth platform includes client onboarding, and portfolio construction and rebalancing.
The new business vertical will be overseen by Bento founder Chandrima Das, a former managing director at Bank of Singapore and prior to that, CEO of ING Investment Management.
Financial terms of the transaction were not disclosed.