Homegrown fintech startup Ascend Money, situated in Thailand, revealed on Wednesday that it has obtained a $195 million investment from Thailand-based Finnoventure Private Equity Trust I Fund and Japanese lender Mitsubishi UFJ Financial Group, Inc. (MUFG).
Ascend Money said in a statement that the combined investment in the company was made by Krungsri Finnovate Co., Ltd.’s Finnoventure Private Equity Trust I fund and MUFG’s consolidated subsidiary, MUFG Bank, Ltd., as the lead investor.
As per the statement, both organizations have demonstrated their strong commitment to propelling the growth of digital finance in Thailand through this strategic investment.
The investment will help Ascend Money accelerate its plan to provide inclusive financial services for underserved consumers and small and medium-sized enterprises (SMEs), fostering equitable economic growth and financial well-being in Thailand. This will be achieved by combining MUFG’s global financial footprint with Ascend Money’s deep local market knowledge and innovative digital financial solutions.
“We are delighted to welcome MUFG’s joint investment in Ascend Money alongside existing investors C.P. Group, ANT Group, and Bow Wave Capital Management,
“This is a significant milestone for Ascend Money, which not only validates our commitment to innovation and financial inclusion in Thailand but also demonstrates a growing interest and confidence in Ascend Money’s potential,” said Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money.
With the help of MUFG’s network and experience, he expressed confidence that Ascend Money’s rapid growth will allow us to build a more dynamic and inclusive financial ecosystem that will speed up local and regional digital transformation, benefiting millions of people and advancing the nation’s economy.
The Charoen Pokphand Group (C.P. Group) has a fintech division called Ascend Money.
Ascend Group, a digital technology conglomerate offering cloud, data, e-commerce, and digital financial services, owns the company.
In 2021, Ascend Money emerged as Thailand’s inaugural fintech unicorn.
It offers financial services and payment options in seven Southeast Asian nations: Thailand, Cambodia, Myanmar, Vietnam, Philippines, Indonesia, and Malaysia.
Numerous financial options are available on its TrueMoney platform, such as e-payment, lending, buy now pay later (BNPL), investments, and insurance.
It serves a wide range of customers through an extensive network and strategic partnerships with top corporations, businesses, and merchants in both online and offline landscapes, and it has 30 million active users in Thailand.
