According to a recently published report by CB Insight, Grab is the highest-funded fintech startup (currently private, up-and-coming company) in the world. The Singaporean business is also a ride hailing and food delivery provider, partly explaining why the startup’s funding is so far ahead of its fintech peers.
Grab started out by offering taxi bookings and only later began its foray into fintech by offering cellphone and online payments via a mobile wallet. GrabPay also offers fund transfers, enabling users to split ride or food bills or pay for family members. The service is also used to send remittances, pay in stores and gives users access to deals and rewards points.
Among the 250 top fintech startups listed by CB Insights, 20 are headquartered in India and 10 more elsewhere in Asia. Only three hail from China, which might signal a saturation of the market which boasts several publicly listed fintech payment providers and other fintech players. The high concentration of fintech startups in India could mean the country is next in line for a fintech revolution.