Ascend Money, has reached a valuation of $1.5bn after securing $150m in its latest funding round, crowning it as Thailand’s first FinTech unicorn.
The fresh capital infusion will be directed towards expanding the user base of its e-wallet application, TrueMoney Wallet, and advancing digital financial services, encompassing digital lending, digital investments, and cross-border remittances across Southeast Asia. Ascend Money’s primary mission is to drive regional financial access and inclusion.
Bow Wave Capital Management, a US-based investment firm, has played a pivotal role in this funding round, joining existing investors such as Charoen Pokphand Group and Ant Group.
Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money said, “From the start, Ascend Money has been the purpose-led fintech company. The company is expanding the platform and services to help improve the accessibility, affordability and impact of financial services.
“In short, Ascend Money provides a financial platform of opportunity for those financially excluded as well as SMEs around the region. It is a heartwarming mission for all involved. The company’s success is also a testament to Thailand’s capability and strong ecosystem to support domestic FinTech firms and startups for overseas expansion.”
Since its inception in 2013, Ascend Money has emerged as Thailand’s sole FinTech company with a regional footprint spanning six Southeast Asian countries. These countries include Thailand, Myanmar, Cambodia, Indonesia, the Philippines, and Vietnam.
The company operates TrueMoney, the leading digital payment and financial service platform, which now serves more than 50 million users through its e-wallet application and 88,000 TrueMoney agents.
Monsinee Nakapanant, Co-President of Ascend Money said, “As Southeast Asia’s homegrown FinTech company, our mission is to enable everyone to access innovative financial services to better their lives. We have been blessed with overwhelming support from our shareholders and the new investor, with strong interest both in terms of capital investment and the quality of strategic partnership. At the same time, the unicorn achievement reinforces our ability to scale our purpose and mission. Looking ahead, we continue to strengthen collaboration with our stakeholders in the region to improve the lives of many through our platform”
Tanyapong Thamavaranukupt, Co-President of Ascend Money said, “Ascend Money is driving cashless society and the adoption of financial services across the region through TrueMoney Wallet application. The company has also expanded its portfolio to cover a full range of digital financial services including digital lending, digital saving, and digital investment. Its easy-to-use and seamless platform has introduced low-income communities, people without regular income and young digital generation to personal financial management for the first time.
“Ascend Money also provides domestic and cross-border remittance services through its agent network, supporting local entrepreneurs with increased incomes. We will continue fulfilling our mission and helping more people through our innovation, strong customer experience, reliable and trustworthy platform.”
Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management said: “The pandemic’s disruptive effects have accelerated the growth of the digital economy across Southeast Asia. We’re proud to support Ascend Money on their mission-fulfilling journey to drive financial inclusiveness for sustainable growth of the region.”
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