Payments Firm Ascend Money Becomes Thailand’s First Fintech Unicorn

Ascend Money, has hit US$1.5 billion valuation following its latest US$150 million funding, making it Thailand’s first fintech unicorn. The funds will be used to grow the user base of its e-wallet application; TrueMoney Wallet and to expand digital financial services, including digital lending, digital investment and cross-border remittances across Southeast Asia.

US-based investment firm Bow Wave Capital Management has contributed to this round, joining Charoen Pokphand Group and Ant Group.

Founded in 2013, Ascend Money is a  fintech company with a regional presence across six SEA countries — 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

Monsinee Nakapanant

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.

Tanyapong Thamavaranukupt

Tanyapong Thamavaranukupt

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.

Ascend Money has grown significantly in the past few years. Across the six countries, its total payment volume stood at US$14 billion in 2020. The highest payment volume contribution comes from Thailand with 84% growth between 2019-2020.

Featured image: Tanyapong Thamavaranukupt, Co-President of Ascend Money

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