Singapore ride-hailing firm Grab is reportedly in talks to acquire local payments startup 2C2P but its offer was turned down, according to Bloomberg.
Grab was among the many companies interested in acquiring 2C2P, with bidding offers going up to about US$200 million.
However, 2C2P is not keen in any of these offers and would like to raise additional capital to support its business expansion instead.
Founded in 2003, the Singapore-based firm helps companies accept payments from over 620 million banked and unbanked Southeast Asia customers.
Its clients include tech giants like Facebook and Apple, as well as other big names like Agoda, Thai Airways and Zara.
Both Grab and 2C2P have declined to comment on this.
Regardless if the acquisition will eventually take place, it’s clear that Grab is strengthening its foothold in the financial sector.
Yesterday, Grab was reported to be eyeing a banking license as the Money Authority of Singapore (MAS) studies the feasibility of virtual banks.
Featured Image Credit: Vincent Wee