Ascend Money co-president Monsinee Nakapanant
Ascend Money, a Bangkok-headquartered fintech firm providing payment and financial services in Southeast Asia, has secured US$150 million funding at US$1.5 billion.
With this, Ascend Money has become Thailand’s first fintech unicorn.
US-based Bow Wave Capital Management and existing shareholders — Thai conglomerate Charoen Pokphand Group and Ant Group — invested in the round.
The new capital will be used to enlarge the user base of its TrueMoney Wallet and expand its digital financial services, including digital lending, digital investment and cross border remittances across Southeast Asia.
So far, Ascend Money has made inroads into six Southeast Asian countries, including Thailand, Myanmar, Cambodia, Indonesia, the Philippines and Vietnam.
Also Read: Flash Express adds US$150M more to its kitty, becomes Thailand’s first unicorn
Founded in 2013, Ascend Money operates the digital payment and financial service platform TrueMoney, targeting Thailand’s non-bank digital payment operators.
The startup aims to drive regional financial access and inclusion for those financially excluded and SMEs around the region.
According to the press statement, TrueMoney serves more than 50 million users through its e-wallet application and 88,000 TrueMoney agents.
A study by Visa in 2021 showed that 85 per cent of consumers in Southeast Asia had adopted some form of cashless payment solution. While Singapore, Malaysia, and Indonesia are taking the lead, countries such as Vietnam, the Philippines and Thailand are drawing near with an average cashless payment adoption rate of 88 per cent.
Buoyed by these favourable signals, Thailand’s payments segment has witnessed a leapfrog growth. The total transaction value is forecast to increase at a CAGR of 10.94 per cent during 2021-2025, resulting in a projected US$24,127 million by 2025.
Ant Group entered Southeast Asia with its first investment into Ascend Money in 2016.
Ascend Money’s is the second tech company from Thailand to enter the unicorn club. The first is Flash Group, the company behind the leading express delivery service Flash Express in Thailand, which made it to the club with a US$150 million round in June this year.
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Image Credit: Ascend Money
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