Nasdaq-listed Singapore cab and ride hailing service Grab, signed definitive agreements to acquire a 100% stake in US digital financial services company, Stash Financial, according to a company release on Thursday.

Under the agreement, 50.1% equity interest payment will be made at closing at an enterprise value of $425 million, while remaining interest payment will be made over three years after closing.

The deal is subject to regulatory approvals and is slated to conclude by the third quarter of the year.

The move is part of the company's strategy to accelerate its entry into mass-market investment segment.