Southeast Asian tech giant Grab has announced its acquisition of robo-advisory startup Bento Invest in order to expand its financial services.

Bento Invest was founded in 2016. It offers a platform that includes client onboarding and portfolio construction and rebalancing, supported by robust risk management capabilities.

While the financial details were not disclosed, Bento Invest will be rebranded as GrabInvest and will be placed under the umbrella of Grab Financial Group and will join the company’s current services – GrabPay, GrabRewards, GrabFinance, and GrabInsure. Grab will offer retail wealth management and investment solutions to users, driver-partners, and merchant-partners across the region.

GrabInvest is set to launch in Singapore in the first half of 2020. It will operate under the Monetary Authority of Singapore’s Retail Licensed Fund Management Company license.

“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.

“The launch of GrabInvest brings us a step closer to democratizing access to affordable financial solutions that will help them achieve the financial stability they need well into their retirement years,” said Grab Financial senior managing director Reuben Lai.