The news: Grab, a Southeast Asian payment and ridesharing app, is buying Stash for about $425 million.

Zooming out: Grab’s acquisition expands its fintech product offering and is its first foray into the US. The key for Grab may be the technology, as it will acquire an investing tool with Stash. It may also be part of a play for the US market: Stash brings more than 1 million subscribers and roughly $5 billion in assets under management. In Southeast Asia, Grab already offers payment, lending, and insurance products.

Trendspotting: Chinese super-app Alipay has expanded internationally with travel features. It released a version in 2023 that lets visitors link international credit and debit cards from Visa, Mastercard, Discover, Diners Club International, and JCB directly to the wallet. The app also includes translation tools and integrated travel services like hotel booking.

Other super-apps expanding internationally include:

• Nubank, which offers payment accounts, debit and credit cards, secure loans, insurance, and crypto. It has entered multiple Latin American markets and is laying the groundwork for a US launch.
• And Revolut, which recently acquired banking licenses in Latin America. It will apply for a US banking license.

Implications for banks: The concept of what a bank is blurs when financial products are just one part of an ecosystem of mini-apps under one roof. Brand identities may have to shift from “bank” to a group of miscellaneous products and services. They may exist within the context of a marketplace for financial services or as part of an app with a more diverse set of features.

As super-apps cross borders, they will test the US market’s receptiveness to a mix of financial and nonfinancial products and services, consumer willingness to integrate features of lifestyle apps with financial apps, and the sturdiness of banks’ competitive moats. Consumer-bank relationships may change as customers build financial services around their lifestyles.