M and A
Deals Of The Day: The Latest In Wealth Management M&A - Grab, Bento Invest
The latest M&A deals in wealth management.
Grab, Bento Invest
Grab, the Singapore-based
rides haring business, has jumped into the retail wealth
management space by buying Bento Invest, a
robo-advisory startup in the Asian city-state for an undisclosed
sum, according to The Business Times (4
February).
It reported that the acquisition will allow Grab to offer retail
wealth management and investment solutions to its users, drivers
and merchants via its app.
As a result of the takeover, Bento will be rebranded as
GrabInvest, with products expected to be launched on the Grab app
in the first half of the year in Singapore, the report said.
Products will also be launched to other markets in Southeast
Asia.
The report said that GrabInvest aims to offer cash management and
portfolio-based financial solutions and will operate under a
retail wealth management capital markets services licence issued
by the Monetary Authority of Singapore.
