Asia Pacific-focused super app Grab has closed a $2 billion loan facility.
In a statement, the company says the loan, which is from institutional investors and runs for five years, has increased from the original amount of $750 million following strong interest from other backers.
Grab says the funds will enable it to not only boost liquidity but also diversify its sources of financing.
Anthony Tan, group co-founder and CEO of Grab, says: “I am deeply encouraged by the trust placed in us by investors who believe in our mission and recognise the value of our super app platform, as we continue making consistent progress in achieving our growth and sustainability milestones.
"With their support, we will invest in building a long lasting, multi local services business, so that millions of Southeast Asians can support their families and improve their lives with our everyday services.”
Just under a year ago, Grab raised $865 million and said it planned to expand its financial services and digital payment capabilities in Southeast Asia.
Last month Grab Financial Group announced Series A funding of more than $300 million.