Ascend Money becomes Thailand’s FinTech unicorn with $150m funding

By Gloria Mathias

Ascend Money, Southeast Asia’s FinTech firm has hit a $1.5 billion valuation following its latest $150 million funding, making it Thailand’s first FinTech unicorn.

The funds will be used to grow the user base of its e-wallet application, TrueMoney Wallet and to expand digital financial services, including digital lending, digital investment, and cross-border remittances across Southeast Asia.

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 its 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. It is a heartwarming mission for all involved.”

Monsinee Nakapanant, Co-President of Ascend Money said: “As Southeast Asia’s homegrown FinTech company, our mission is to enable everyone to access innovative financial services to better their lives. We have been blessed with overwhelming support from our shareholders and the new investor, with strong interest both in terms of capital investment and the quality of strategic partnership. At the same time, the unicorn achievement reinforces our ability to scale our purpose and mission. Looking ahead, we continue to strengthen collaboration with our stakeholders in the region to improve the lives of many through our platform”.

Itai Lemberger, Founder and Chief Investment Officer of Bow Wave Capital Management noted, “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.”

Ascend Money is Thailand’s FinTech company providing innovative payment and financial services. Its flagship service TrueMoney Wallet enables ease of payments and a convenient financial lifestyle. TrueMoney’s extensive agent network as well as offline and online payment services also enable millions of users across the region to access innovative financial services.