Ascend Money, the fintech arm of Thailand’s Charoen Pokphand Group, has secured a substantial $195 million investment round. This funding was led by MUFG Bank, a subsidiary of the Japanese financial services giant Mitsubishi UFJ Financial Group (MUFG). The investment round also saw participation from the Finnoventure Private Equity Trust I fund, managed by Bangkok-based venture capital firm Krungsri Finnovate.
Thailand’s Leading Digital Financial Solutions Provider
Ascend Money (website), recognized as Thailand’s largest digital financial solutions firm, offers a comprehensive range of services through its TrueMoney platform. These services include insurance, investing, e-payments, lending, and buy now, pay later (BNPL) options. With over 30 million active users in Thailand, the company also operates in Cambodia, Indonesia, Vietnam, Myanmar, and the Philippines.
Commitment to Financial Inclusion
The newly acquired funding will bolster Ascend Money’s mission to provide inclusive financial services to underserved consumers and SMEs (small and medium-sized enterprises). The goal is to promote equitable economic growth and enhance financial well-being in Thailand.
Yasushi Itagaki, head of the global commercial banking business group at MUFG, emphasized the strategic importance of this investment. He highlighted the Asia Pacific region as a “second home market” for MUFG and noted that this investment signifies a significant contribution to the development of Thailand’s digital economy and financial inclusion.
A Fintech Unicorn
Ascend Money made headlines in 2021 when it became Thailand’s first fintech unicorn after raising $150 million, achieving a valuation of $1.5 billion. This latest funding round further cements its position as a leading player in the region’s fintech landscape.
Implications for Paytech and Fintech Sectors
This significant investment in Ascend Money underscores the growing interest in Southeast Asia’s fintech market. The region’s expanding digital economy presents ample opportunities for innovative financial solutions, particularly those aimed at enhancing financial inclusion.