Thailand-based FinTech firm Ascend Money has hit $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.
US-based investment firm Bow Wave Capital Management has contributed to this round, joining Thailand-based conglomerate Charoen Pokphand Group and China’s FinTech giant Ant Group, the company said in a statement on Monday.
“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,” Ascend Money Founder and Chairman Suphachai Chearavanont said.
Founded in 2013, Ascend Money said it is Thailand’s only FinTech company with a regional presence across six Southeast Asian countries–Thailand, Myanmar, Cambodia, Indonesia, the Philippines, and Vietnam. The company operates TrueMoney, a digital payment and financial service platform, which now serves more than 50 million users through its e-wallet application and 88,000 TrueMoney agents.
“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,” Bow Wave Capital Management Founder and Chief Investment Officer Itai Lemberger said.
Ascend Money has grown significantly in the past few years. Across the six countries, its total payment volume stood at $14 billion in 2020. The highest payment volume contribution comes from Thailand with 84 percent growth between 2019 and 2020.
Elsewhere in Indonesia, FinTech Firm Xendit has announced earlier this month it has reached unicorn status after raising $150 million in a Series C funding led by Tiger Global Management.
Ascend Money is under Ascend Group, a digital technology business conglomerate providing digital financial, e-commerce, data & cloud services. Established in 2013, its flagship service TrueMoney Wallet has become one of the most popular e-wallet applications in Thailand.