Ascend Money, a Thailand-based financial technology startup, recently announced that the company has raised $150 million in an investment round. The fintech company received a valuation of $1.5 billion.
The recent valuation makes Ascend Money Thailand’s first fintech unicorn. Bow Wave Capital Management, the US-based investment firm, participated in the latest investment round and joined Charoen Pokphand Group and Ant Group.
Through the latest funding, Ascend Money is planning to expand the user base of its e-wallet application, TrueMoney Wallet. Additionally, the company aims to use the recent investment to enhance its digital financial services, including digital lending, digital investment and cross-border remittances across Southeast Asia.
Commenting on the investment round and valuation, 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.”
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“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,” Chearavanont added.
Thai Fintech Market
In 2021, several promising financial technology startups emerged from Thailand. While the country’s fintech ecosystem is still in the emerging phase, the recent unicorn announcement from Ascend Money will give the overall ecosystem a major boost. Founded in 2013, Ascend Money has a presence across six SEA countries including Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam. The company operates TrueMoney.
Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management, commented: “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.”