Ascend Money Closes $150 Million in Funding at $1.5 Billion Valuation

Fazzaco learned that Ascend Money, a Thailand-based fintech company, has raised $150 million in an investment round to achieve a valuation to $1.5 billion, making it the country’s first fintech unicorn.

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Bow Wave Capital Management, Charoen Pokphand Group and Ant Group has participated in the latest investment round.

According to the official press release, the company will utilise the new capital to expand the user base of its e-wallet application, TrueMoney Wallet. Additionally, the company will also enhance its digital financial services, including digital lending, digital investment and cross-border remittances across Southeast Asia.

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“From the start, Ascend Money has been the purpose-led fintech company. The company is expanding the 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. The company’s success is also a testament to Thailand’s capability and strong ecosystem to support domestic fintech firms and startups for overseas expansion,” commented Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money.