Ascend Money has received a $195 million investment.
The funding round was led by Mitsubishi UFJ Financial Group (MUFG) Bank with contributions from Finnoventure Private Equity Trust I.
The Thailand-based fintech will use the funds to build inclusive financial services in the region.
Thailand-based Ascend Money announced this week it has received $195 million in funding from Mitsubishi UFJ Financial Group (MUFG) Bank. The bank led the round, and Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co. also contributed.
“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 Ascend Money Founder and Chairman Suphachai Chearavanont.
Ascend Money anticipates the funds will help it accelerate its mission to provide inclusive financial services for underserved consumers and small businesses and ultimately foster economic growth and financial well-being in Thailand.
Ascend Money is Thailand’s largest digital financial services provider, with a presence in seven countries across Southeast Asia. The fintech’s TrueMoney platform offers e-payment, lending, BNPL, investment, and insurance. Ascend Money has 30 million active users in Thailand and serves its customers through its network of leading corporations, businesses, and merchants.
“MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making strategic investments in leading digital finance players in the region,” said Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group Yasushi Itagaki. “Ascend Money is a promising fintech player in Thailand with widespread penetration in the country’s consumer segment and deep understanding of their daily payments and financial requirements. With this investment, we are making a significant contribution to the ongoing development of Thailand’s digital economy and financial inclusion, further underscoring MUFG’s commitment to the sustainable development of the country and the broader region as a whole.”
Ascend Money was founded in 2013 and has since processed $14 billion in the region. In 2021, the company received a $1.5 billion during its $150 million funding round.
“We are confident that Ascend Money’s strong growth trajectory, combined with MUFG’s expertise and network, will enable us to create a more inclusive and vibrant financial ecosystem to accelerate both regional and local digital transformation, benefiting millions of people and contributing to the country’s economic development,” said Chearavanont.
Photo by Dan Freeman on Unsplash
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