Jul 24, 2017

Uber rival raises $2 billion

Courtesy of Grab

Grab, Uber's biggest rival in Southeast Asia, announced that it has raised $2 billion in new funding from existing investors SoftBank and Didi Chuxing, China's biggest ride-hailing company. The Singapore-based company adds that it could soon raise an additional $500 million from new and existing investors. At the close of the round, Grab's post-money valuation will be above $6 billion, a source tells Axios.

Ride-hailing web: A growing number of ride-hailing companies around the world are inking investor relationships. In addition to Grab, Didi Chuxing has invested in India's Ola, Latin America's 99, and Lyft in the U.S. It also has a stake in Uber thanks to its merger last year with the company's Chinese business.

Competition: Although Grab says it has 95% of the third-party taxi-hailing market in Southeast Asia and 71% of the market for private vehicle hailing, it nevertheless competes with Uber as well as Go Jek, a local ride-hailing company. Go Jek, which is backed by Lyft investor KKR, is rumored to be finalizing a $1 billion-plus round led by China's Tencent.

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Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.