Grab shutters investment products AutoInvest and Earn+

SINGAPORE – Grab is shuttering its investment products AutoInvest and Earn+ from Monday, and winding down its GrabInvest business.

“The decision follows an extensive review which concluded that the business would not be commercially viable,” said Grab in an e-mail to customers.

The GrabInvest business was serving only the Singapore market, as Grab did not roll out either investment product to other markets in the region. Customers are instructed to withdraw their monies from the products by Oct 13.

The Business Times has reached out to Grab with questions on the shuttering.

The move comes after Grab’s recent second-quarter results showed narrowing losses and potentially earlier adjusted earnings before interest, depreciation and amortisation break even.

The investment products were a result of Grab acquiring robo-advisory firm Bento in Feb 2020, along with its capital markets licence. Bento was rebranded as Grab Financial Group after the acquisition, with AutoInvest the first investment product launched.

Grab Financial Group would later be renamed GrabFin in May 2022 along with the launch of Earn+. Both products allowed users to invest from as little as $1 with no minimum lock-in period.