SoftBank's Vision Fund is believed to be preparing to invest as much as $1.5 billion in Singapore-based ride-hailing giant Grab as part of a broader effort to inject cash into Asian tech startups.
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Starting next year, Grab's customers in the Philippines and Singapore will be able to pay at any online and offline merchant using a prepaid card, courtesy of the firm's tie-up with Mastercard.
SoftBank reportedly wants to invest $500 million in Grab as part of the ride-hailing firm's latest funding that seeks to raise $1 billion. The deal is supposed to be finalized in a few weeks.
Grab will now take over Uber's Southeast Asia business, including around 500 employees, as part of a merger deal. In exchange, Uber will acquire a 27.5 percent stake in the combined company.
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