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Grab’s Fintech Stumbles in Quarter

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Southeast Asian super-app Grab’s fintech performance stumbled in the fourth quarter.

Total payments volume (TPV), including payments from one Grab entity to another, in the fourth quarter rose 29 percent from the year-earlier period to $3.4 billion, a record, the company said Thursday in its earnings release.

But that didn’t fully translate to the topline: On an IFRS basis, financial services revenue for the fourth quarter was negative $1 million, narrowing losses from negative $4 million in the year-earlier period, Grab said.

For 2021, adjusted net revenue for financial services, including payments from one Grab entity to another, was $400 million, but excluding intra-Grab payments, adjusted net revenue was $200 million, the company reported. Adjusted net revenue includes excess incentives, or when payments to drivers or merchants exceed Grab’s revenue from the drivers or merchants.

The performance is particularly stark when compared with rival super-app Sea, which reported this week that fourth quarter revenue for its digital financial services surged 711 percent from the…

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