Fourth-quarter financial services revenue grew 38% year-on-year to US$74 million, contributing to an overall 44% annual growth, which brought the segment’s full-year revenue to US$253 million.
The company’s lending business expanded significantly, with total loan disbursements reaching US$639 million in Q4, a 44% increase from the previous year.
The outstanding loan portfolio grew 64% to US$536 million.
Customer deposits in Grab’s digital banking operations in Singapore and Malaysia continued to rise, reaching US$1.2 billion in Q4, up from US$1.1 billion in the previous quarter.
Grab operates two digital banks: GXS Bank in Singapore, a joint venture with Singapore-listed telecom giant Singtel, launched to the public in August 2022, and GX Bank in Malaysia, the country’s first digital bank, operational since November 2023.
The increase in deposits contributed to higher operating cash flow, which totaled US$852 million for the full year, an improvement of US$766 million from 2023.
Adjusted free cash flow was US$136 million, up from negative US$234 million in 2023.
GX Bank in Malaysia launched its first retail lending product, GX FlexiCredit, in November, offering flexible repayment terms of up to five years.
While financial services revenue grew, the segment’s adjusted EBITDA remained negative at US$27 million in Q4, though this was a 45% year-on-year improvement due to higher revenue and cost efficiencies.
For the full year, adjusted EBITDA losses narrowed to US$105 million, an improvement of 38% compared to 2023.–FINTECH NEW SINGAPORE
