Ascend Money, Southeast Asia’s homegrown FinTech company, has successfully secured a significant investment totalling $195m.
Leading the investment was Mitsubishi UFJ Financial Group, Inc. (MUFG) through its consolidated subsidiary, MUFG Bank, Ltd. They were joined by Finnoventure Private Equity Trust I, managed by Krungsri Finnovate Co., Ltd. This strategic funding marks a pivotal step in strengthening the digital financial landscape in Thailand.
Ascend Money is a pioneer in the FinTech sector within Southeast Asia and stands as the FinTech arm of the Charoen Pokphand Group (C.P. Group), its major shareholder. It earned the title of Thailand’s first FinTech unicorn in 2021, showcasing its significant impact and growth within the digital financial services sector. With operations extending across seven countries in the region, Ascend Money operates the TrueMoney platform, which offers a diverse array of financial services including e-payment, lending, buy now pay later (BNPL) options, investments, and insurance.
The newly acquired funds are earmarked for expanding Ascend Money’s offerings, focusing on inclusive financial services for underserved consumers and SMEs. The aim is to foster equitable economic growth and enhance financial well-being across Thailand, supporting the broader agenda of digital financial inclusion.
Ascend Money boasts a robust user base, with 30 million active users in Thailand alone. Its extensive network and strategic partnerships with leading corporations, businesses, and merchants enhance its ability to serve a wide customer demographic both online and offline, further cementing its position in the market.
MUFG Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group Yasushi Itagaki commented, “MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making strategic investments in leading digital finance players in the region.
“Ascend Money is a promising FinTech player in Thailand with widespread penetration in the country’s consumer segment and deep understanding of their daily payments and financial requirements. With this investment, we are making a significant contribution to the ongoing development of Thailand’s digital economy and financial inclusion, further underscoring MUFG’s commitment to the sustainable development of the country and the broader region as a whole.”
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