MUFG and the Finnoventure Private Equity Trust I fund have invested $195 million in Thailand-based fintech unicorn Ascend Money.
Ascend Money, part of the Charoen Pokphand Group, operates across seven countries in Southeast Asia. Its TrueMoney super app provides a variety of financial services, including e-payments, lending, buy now, pay later (BNPL), investment, and insurance.
Yasushi Itagaki, senior managing corporate executive and head of the global commercial banking business group at MUFG, commented, “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. Ascend Money stands out in Thailand for its extensive reach in the consumer segment and its deep understanding of their daily financial needs.”
With 30 million active users in Thailand, Ascend Money serves a diverse customer base through strategic partnerships with various corporations, businesses, and merchants in both online and offline environments.
The company made headlines in 2021 as Thailand’s first fintech unicorn, achieving a valuation of $1.5 billion following a $150 million investment from Bow Wave Capital Management, Charoen Pokphand Group, and Ant Group.
Suphachai Chearavanont, founder and chairman of Ascend Money, viewed the new financing round as a crucial milestone for the company. He expressed confidence that Ascend Money’s robust growth, paired with MUFG’s expertise and network, would foster a more inclusive financial ecosystem, enhancing digital transformation and contributing to Thailand’s economic development.