In a statement, Grab said the acquisition would allow it to offer retail wealth management solutions to users, driver-partners, and merchant-partners, via the Grab app as part of its efforts to become a super app in the region.
Bento’s proprietary digital wealth platform includes client onboarding, and portfolio construction and rebalancing supported by robust risk management capabilities.
The platform is built and backed by a team of seasoned asset management and banking professionals who will join the GrabInvest team.
Bento, which will be rebranded to GrabInvest, will launch products on the Grab app in the first half of this year in Singapore. To be led by Bento founder and CEO Chandrima Das, GrabInvest will be a new core business vertical under Grab’s financial services arm, Grab Financial Group.
Grab Financial Group currently officers payments via GrabPay, rewards via GrabRewards, lending via GrabFinance, and insurance via GrabInsure to micro-entrepreneurs, small business owners, driver-partners, and users across Southeast Asia.
Reuben Lai, senior managing director of Grab Financial Group, said Southeast Asia lacks access to affordable wealth management products and retirement planning solutions for most people.
“As we face an increasingly volatile and uncertain economic environment, it is imperative for Southeast Asians to acquire the tools and knowledge to protect their future by sustainably building wealth for themselves and their families,” he said.
The launch of GrabInvest, he added, brings a step closer to democratizing access to affordable financial solutions that will help people achieve the financial stability they need well into their retirement years.
Das, the founder and CEO of Bento and Grab Financial Group’s new head of Wealth Management, said the Bento and Grab Financial teams share a common vision to democratize investments for 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,” Das said.