Thailand’s Ascend Money lands $195m investment led by MUFG
Ascend Money, the fintech arm of Thailand’s Charoen Pokphand Group, has bagged a $195 million investment led by MUFG Bank, a consolidated subsidiary of Japanese financial services giant Mitsubishi UFJ Financial Group (MUFG).
Ascend Money secures $195m investment
The round was also supported by the Finnoventure Private Equity Trust I fund managed by Bangkok-based venture capital firm Krungsri Finnovate.
Ascend Money, which claims to be Thailand’s largest digital financial solutions firm, provides an array of financial offerings through its TrueMoney platform, such as insurance, investing, e-payments, lending, and buy now, pay later (BNPL) services.
The company, which serves over 30 million active users in Thailand, also has offices in Cambodia, Indonesia, Vietnam, Myanmar, and the Philippines.
Ascend Money states that the funding will fuel its plans to provide “inclusive financial services for underserved consumers and SMEs (small and medium-sized enterprises), fostering equitable economic growth and financial well-being in Thailand”.
Yasushi Itagaki, head of global commercial banking business group at MUFG, says the Asia Pacific region is considered a “second home market” to MUFG, and with this investment, the Japanese firm is making a “significant contribution to the ongoing development of Thailand’s digital economy and financial inclusion”.
In 2021, Ascend Money became Thailand’s first fintech unicorn after raising $150 million, reaching a valuation of $1.5 billion.
