Thai Fintech Unicorn Ascend Money Secures $195M Investment

Fintech firm Ascend Money of Thailand has secured a combined investment of $195 million, with Japan's MUFG Bank leading the funding round. The Finnoventure Private Equity Trust I fund, managed by Krungsri Finnovate Co., also contributed to the investment.

This substantial funding is set to accelerate Ascend Money's plans to provide inclusive financial services to underserved consumers and small to medium-sized enterprises (SMEs). Ascend Money, a subsidiary of Charoen Pokphand Group (CP Group), became Thailand's first fintech unicorn in 2021.

The company's TrueMoney platform offers a variety of financial solutions, including e-payment, lending, buy-now-pay-later (BNPL), investment, and insurance services. As of the end of 2023, TrueMoney boasted 30 million active users annually in Thailand. The new investment will support the expansion and enhancement of these services, aiming to reach a broader audience.